Comment Text:
10-002
COMMENT
CL-07493
From:
Sent:
To:
Subject:
[email protected]
Tuesday, April 13, 2010 10:24 AM
secretary
Proposed Speculative Position Limits on Energy
Arlene Luebbe
26 Rose Terrace
Crestview Hills, KY 41017-2562
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 major
energy commodities. This rule will provide stability to the marketplace
and help prevent future price bubbles. 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.
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,
Arlene Luebbe
859-331-7642
