Comment for General CFTC Commodity Futures Trading Commission Strategic Plan, 2011-2015

Comment Text:

Due to the recent rapid rise in the price of petroleum products, I am proposing that the CFTC enact new rules that prohibit speculation on all forms of petroleum products. I can understand the need for users of large amounts of petroleum products to purchase futures contracts of the product they use in order to have a supply for future use at a known price. However, I do not understand the need for Speculators (Futures Traders) to artificially run up the prices on petroleum products just to make a profit. This is done by a small number of individuals, but their actions affect the entire nation. It affects the price of transportation, the price of food and the price of almost every product that the average consumer needs. It is also causing the small recovery in our economy to come to a screeching halt, and may possibly cause an even greater depression than the one we are trying to come out of. I am proposing that the CFTC enact a rule that would require the purchaser of any futures contract for petroleum products to take delivery of that contract quantity, and would not be able to resell it for a period of one year, or longer. This should stop the rampant speculation on the petroleum products that has continued excessively in the past three weeks. In fact, this same type of rule should be enacted and applied to any and all food items. There is no need for a few individuals, and large investment banks, to make enormous amounts of money at the expense of the general public that has to have food to exist. I will be copying this comment and sending it to my two Senators and my Clongressman. Thank you, Bob Walters