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
