Comment Text:
Jim Roberts
1769 Harbor Blvd
Kissimmee, FL 34744-6621
March 28, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
Mr. Stawick:
I have little expectations that this complaint about the unnecessary soaring of crude oil prices will have any impact on you or a call to action by you nor any of your Comodity Futures Trading Commission cohorts. Nonetheless, I will move forward in lodging my protest.
The operative word in your corner of the world is......
"exploitation." Exploit the peons of this country and the rest of the world by feathering your own nest and lining your pockets in conjucntion with the Lobbyist, our so-called esteemed legislators and the rest of your corporate cronies that are part of your elitist club.
Click here:
http://www.dailyfinance.com/story/the-real-reason-gas-prices-are-soaring/19893347/?icid=main%7Chtmlws-main-n%7Cdl4%7Csec1_lnk3%7C207734
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.
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,
Jim Roberts
407 846-4708
