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Comment for Proposed Rule 75 FR 4143

  • From: J C McElroy
    Organization(s):

    Comment No: 15999
    Date: 4/13/2010

    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