Comment for Proposed Rule 76 FR 4752

Comment Text:

As a petroleum marketer and retailer, I am writing to voice my support for immediate adoption of proposed rule (RIN 3038–AD15 and 3038–AD16 Position Limits for Derivatives).

The Oil commodity Market has had an enormous effect our industry, us a business people, and most importantly the United States consumers. Family everyday are burdened with Rising Petroleum cost, making choices for heat or food for their families. Its a sad time when people are forced to make those choices especially when the root of the problem comes from the speculation on the market.

The petroleum industry like many have always based our prices on the simple economic concept of Supply and Demand, however, in these times Supply is up, Demand is down, yet prices continue to climb to unbelievable, unaffordable ceilings. And everyday we are asks how far out of control can this get?? With the power of speculation there is NO LIMIT. NO LIMIT on how much one person can speculate and gain money, while average mid income families and business people struggle to make costly decisions with oil prices nearing $4.00 a gallon.

Big money in this country has taken over, people everyday who could even tell you what Crude Oil is make 10s of Thousands of dollars riding the market up, just to ride the market down. I plead with you, there has to be an end. Why should people be allowed to make millions by trading paper oil when in fact that have NO means to transport, carry, or delivery those products.

Lastly, we need to get control of our suppliers, only 12% of our crude comes from the middle east. Canada is not about to stop our supply nor is Mexico. Speculators have taken such control that the middle east is deemed as our only supplier which can't be further from the truth. This economy depends on our commodities market, we as business people depend on it, and most importantly our consumers depend on it. So lets get it back to the simple terms, supply and demand. When supply is up and demand is down prices need to decrease, not increase to debilitating prices. We have to control the speculators.

Commodities are vital resources to American industries, businesses and consumers. Well functioning markets are critical to commodity price discovery. Position limits, as proposed in this rule, will play a critical role in reestablishing market fundamentals. I urge adoption of this rule.

I thank you for your consideration,

Sincerely,

Kate Cavanagh
Estes Oil, York, ME