Comment Text:
Heiko Hanusch
6413 stockton dr
Fort worth, TX 76132-5061
April 2, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
Excessive speculation hurt the economy in 2008 and, once again, is harming the economy in 2011. According to data recently released by the Commission, speculators have raised their positions in energy markets by
64 percent compared to June 2008, bringing speculation to the highest level on record.
Looking at the high inventories and NO supply shortage the prices we are seeing right now are criminal and only show the greed of a few traders and equity firms. Using Lybia, with ONLY 1.6 mil barrels of oil production, as a reason to ramp up prices are sickening and criminal to say the least.
These traders use Oil and other commodities like some game in Vegas. When someone bids on Oil, first of he/she should pay the FULL price per barrel and a day later a tanker truck should show up at his house and actually deliver the Oil. This will be the only way to stop speculation !!!
We need meaningful, effective speculative position limits to restore balance to commodities markets and ensure that they are connected to market fundamentals, so that they fulfill their price-discovery function properly and without distortions caused by excessive speculation. In particular, I:
• support the Commission's immediate adoption of spot-month speculative position limits; • urge the Commission to adopt effective back-month levels that will accomplish the legislative purpose of curbing excessive speculation; • urge the Commission to adopt single-month limits that are no higher than two-thirds of the all-months-combined levels; • urge the Commission immediately to adopt a position-accountability regime for the nonspot months in place of its proposed position-visibility rule; and • urge the Commission to adopt lower speculative position limits for passive, long-only traders.
Time is of the essence, and I urge you to act quickly. Our pocketbooks and the broader economy depend on it.
Sincerely,
Heiko Hanusch
8177213294
