Comment Text:
10-002
COMMENT
CL-07589
From:
Sent:
To:
Subject:
[email protected]
Tuesday, April 13, 2010 11:19 AM
secretary
Proposed Speculative
Position Limits on
Energy
David Minder
3400 Douglas Ave
Dallas, TX 75219-2701
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. The CFTC must quickly approve a
strong rule to protect America's struggling economy. Wall Street's
speculative trading in oil not only hurts l~e economy, but hurts every
American who pays excessive prices at l~e pump, for groceries, home
heating oil and everything related to transportation.
Rampant oil speculation 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
l~e 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
~ese 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 l~e CFTC to adopt l~e Proposed Federal Speculative Position
Limits before volatile fuel prices further harm t~e country's already
weakened economy.
Sincerely,
David Minder
214-521-5334
