Comment Text:
William Burger
89 sheridan Rd
Hawley, PA 18428-8244
March 24, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
Every time there is any type of disturbance in the middle east we see spikes in gas prices. For oil already purchased and refined at a particular price. Every year, even though it is general common sense, petroleum products go up in the winter. At a time when most Americans, including myself make less money, and have higher bills...Electric, heat, etc. If anything the price should go down as more product is undoubtedly going to be used and purchased. But the greed of big business see's to it that average hard working Americans are squeezed whenever possible. This, just because those at the helm of these companies won't settle for just making it rich. They need to make more, and more and more, and if possible more than that. Greed and lack of conscience. I ask you and all politicians who vote for the benefit of the American people to vote their conscience and not their opportunity for financial gain. Those who have much should be thankful for what they have and stop trying to get more by taking it from those with less, the very people who make it possible for what they have...Their consumers and constituents.
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 non-spot 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,
William Burger
5704994912
