Comment Text:
To whom it may concern,
We as a country and, more specifically, the hard working folks who actually handle and deliver oil have been expecting action by the CFTC to curb rampant speculation. What happened to the regs that have been delayed several times?
I realize that this is a difficult dragon to tame but we are again possibly facing a repeat of the 2008 market nightmare! With trading of futures seemingly being driven by foolish statements made by Goldman-Sachs and other large oil investors, it would appear that the MERC and Globex are severly disconnected from reality. When you couple these "statements of permission to skyrocket' and that oil products are being priced by BTU content rather than true cost to produce, it makes a hardship for my customers, my company's viability and the recovery of our economy.
These are the exact reasons why the oil patch some forty years ago did not want oil traded on the commodities market. Now that this is a foregone conclusion, can we now get this mayhem under control?
My colleagues and I would really appreciate an expediant resolution.
Sincerely , Dana E. Meintzer
