Comment Text:
10-002
COMMENT
CL-05164
From:
Sent:
To:
Subject:
[email protected]
Tuesday, April 13, 2010 12:49 PM
secretary
Proposed Speculative Position Limits on Energy
Kent Powell
200 McDaniel Drive
Purcellville, VA 20132-3368
April 13, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
I am writing in support of the CFTC's Proposed Federal Speculative
Position Limits that will reestablish speculative position limits on maj or
energy commodities.
It totally galls me to see Wall Street greed manipulate fuel prices via
sheer speculation and gamble. New rules you are proposing will finally
put some teeth to this outrageous way of doing business and put the brakes
on wild increases in fuel that are simply unfounded by normal consumer
demand.
I urge the CFTC to quickly approve rules to protect America's struggling
economy - and my business and livlihood in the commercial airline
industry. It's killing us! My brother works for a major carrier and yet
another brother works for GE Engines - so my family, and every American
who pays excessive prices at the pump, for groceries, home heating oil and
everything related to transportation stand to lose big time!
My 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.
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.
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 excessive10-002
COMMENT
CL-05164
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,
KentPo~vell
540-338-7056
