Font Size: AAA // Print // Bookmark

Comment for Proposed Rule 75 FR 4143

  • From: George Walaker
    Organization(s):

    Comment No: 14928
    Date: 4/13/2010

    Comment Text:

    10-002
    COMMENT
    CL-05928
    From:
    Sent:
    To:
    Subject:
    [email protected]
    Tuesday, April 13, 2010 1:54 PM
    secretary

    Proposed Speculative Position Limits on Energy
    George Walaker
    33892 Rushing Lane
    Scappoose, OR 97056-2500
    April 13, 2010
    David Stawick
    Secretary, Commodity Futures Trading Commission
    Three Lafayette Centre
    1155 21st Street, NW
    Washington, DC 20581
    Dear Mr. Stawick:
    Here we go again: oil prices soaring, profits for the rich oil barons
    rising faster. 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.
    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 and
    billionaire investors.
    Energy consumers desperately need stability in the marketplace. I
    encourage the CFTC to adopt the Proposed Federal Speculative Position10-002
    COMMENT
    CL-05928
    Limits before volatile fuel prices further harm the country's already
    ~veakened economy.
    The question is simple: FOR WHOM DO YOU WORK: We the people, or them, the
    corporate mega-rich? Are you interested in helping the people who voted
    you into office, or the ~vealthy corporate special interests ~vho lavish
    huge money on your campaigns through their cynical lobbyists? It's time to
    choose!
    Sincerely,
    George Walaker
    503 543 8401