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Comment for Proposed Rule 75 FR 4143

  • From: James Lobdell
    Organization(s):

    Comment No: 14692
    Date: 4/13/2010

    Comment Text:

    10-002
    COMMENT
    CL-05692
    From:
    Sent:
    To:
    Subject:
    j aylobby@gmail, com
    Tuesday, April 13, 2010 11:24 AM
    secretary

    Proposed Speculative Position Limits on Energy
    James Lobdell
    940B Temple Ave.
    Santa Rosa, CA 95404-5512
    April 13, 2010
    David Stawick
    Secretary, Commodity Futures Trading Commission
    Three Lafayette Centre
    1155 21st Street, NW
    Washington, DC 20581
    Dear Mr. Stawick:
    Our overdependence on fossil fuels is bad enough, but when prices for them
    are inflated artificially by the greed of Wall Street speculators to the
    detriment of already cash-strapped average Americans, it's time to call a
    halt. Profit is not more important than people!
    I strongly support 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.
    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 excessive
    concentration in the energy markets, while 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 and10-002
    COMMENT
    CL-05692
    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,
    James Lobdell
    707-526-4345