Comment Text:
10-002
COMMENT
CL-08226
From:
Sent:
To:
Subject:
[email protected]
Saturday, April
24, 2010 11:46 PM
secretary
Proposed Speculative Position Limits on Energy
Jacob Green
255 Lumpkin Drive #18
Batesville, AR 72501-8529
April 24, 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 and Obama's excessive and unnecessary blame on
Wall Street 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. Oil is not the only resource to be
misused by these entities, it's also the renewable, inexhaustible, and
other non-renewable resources that are taken per granted.
Our tax dollars were used to fund Obama's gross misuse of political power
and 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. Also, it's the same guy who claims
to be a populist and still doesn't realize what's at stake here.
Rampant oil speculation by large Wall Street trading firms and Obama's
upcoming financial reform legislation 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 and
the government will accelerate its growth.
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,10-002
COMMENT
CL-08226
public utilities, truckers and airlines are not exploited by big
government, slick politicians, big banks, and billionaire investors.
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
~veakened economy.
Sincerely,
Jacob Green
870-834-6247
