Comment Text:
10-002
COIMMENT
CL-06604
From:
Sent:
To:
Subject:
[email protected]
Tuesday, April 13, 2010 12:38 PM
secretary
Proposed Speculative Position Limits on Energy
Den Mark Wichar
711 W 25 St
Vancouver, WA 98660-2456
April 13, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
I support CFTC's Proposed Federal Speculative Position Limits that will
reestablish speculative position limits on major energy commodities. This
rule will provide stability to marketplace and help prevent future price
bubbles. CFTC must quickly approve 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.
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
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 CFTC adopts 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 require
CFTC to adopt Proposed Federal Speculative Position Limits before volatile
fuel prices further harm the country's already weakened economy.What are you ~vaiting for!
Enough!
Den Mark Wichar
360-694-0000
i0-002
COIMMENT
CL-06604
