Comment Text:
I urge you to adopt the CFTC proposed rules to limit excessive speculation in the energy markets. The large hedge funds and mutual funds have latched on to the energy commodity market, and are agressively trading energy futures. I have been told that the entire global energy needs for a enytire year are traded each day! We need to protect the average American from the harmful effects of a few traders in Wall Street. When speculator funds are trading multiple times what the commercial traders do, the market has lost it's purpose - that being a rational market to link supply with demand. Now the price can jump excessivley - why - beacause the billion dollar funds can! They are so large they can move the crude price from $80 to $100 in a matter of weeks, even when the supply has not changed. Anyone can see that the US levels of petroleum products is at a 10 year high, yet the big funds are treating the commodity market like it is their personal poker game. Please enact strict limits on non-commercial, speculators in the energy markets. The taxpayers deserve some protection from our elected officials.
