Comment Text:
10-002
COMMENT
CL-04957
From:
Sent:
To:
Subject:
lewiskj [email protected]
Tuesday, April 13, 2010 12:14 PM
secretary
Proposed Speculative Position Limits on Energy
Karen Lewis
834 Lyleville Rd
Coalport, PA 16627-9417
April 13, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
When our forefathers set forth to build this new nation, I cannot imagine
that they were envisioning mammoth companies crippling the economy for the
benefit of a few, lobbyists influencing votes, and the steady decay of the
standard of living of the American people. I implore you to put a halt to
the greed and corruption that has, sadly, become the American way.
The mission of the Commodity Futures and Trading Commission is to ensure
that "fraud, manipulation, and abusive trading practices" do not occur. I
ask that you act in accordance with the stated mission of this Commission,
as manipulation of the market prices of oil has unquestionably occurred.
Rampant oil speculation by large Wall Street trading firms has resulted in
extreme volatility in energy markets and unwarranted price spikes in
recent years. Given that supplies are at record highs and demand remains
weak, fundamentals cannot explain recent price hikes and destructive price
swings. Unless the CFTC adopts the proposed rule, markets will continue to
fluctuate wildly. The rich will continue to get richer, and the poor will
continue to get poorer.
Therefore, I am writing in support of the CFTC's Proposed Federal
Speculative Position Limits that will reestablish speculative position
limits on major energy commodities. This rule will provide stability to
the marketplace and help prevent future price bubbles. The CFTC must
quickly approve a strong rule to protect America's struggling economy.
Wall Street's speculative trading in oil not only hurts the economy, but
hurts every American who pays excessive prices at the pump, for groceries,
home heating oil and everything related to transportation.
Our tax dollars were used to bail out large Wall Street firms when they
were on the brink of bankruptcy. It is these same institutions that
pushed the price of gasoline well past $4 per gallon in 2008 by gambling
on oil and continue to profit at every American's expense.10-002
COMMENT
CL-04957
Position limits existed in energy markets until 2001 and currently apply
to agricultural commodities. CFTC should use its existing experience to
regulate position limits of speculators and prevent excessive
concentration in the energy markets, ~vhile ensuring that exemptions to
these limits afforded to real physical players such as fuel cooperatives,
public utilities, truckers and airlines are not exploited by big banks and
billionaire investors.
Energy consumers desperately need stability in the marketplace. I
encourage the CFTC to adopt the Proposed Federal Speculative Position
Limits before volatile fuel prices further harm the country's already
~veakened economy.
Sincerely,
Karen Le~vis
814-672-5670
