Comment Text:
10-002
COMMENT
CL-06999
From:
Sent:
To:
Subject:
[email protected]
Tuesday, April 13, 2010 2:43 PM
secretary
Proposed Speculative Position Limits on Energy
J.C. McElroy
SR359
Morganfield, KY 42437-7022
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. 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.
To put it bluntly, end all oil/gas commodity speculation. Any person in a
regulatory position the past decade should be fired for not doing their
job. It is only common sense that commodity firms/Wall Street wants to
manipulate things further. 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.10-002
COMMENT
CL-06999
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
weakened economy.
Sincerely,
J.C. McElroy
270-389-2950
