The Commodities Futures Trading Commission has issued a proposed rule that would limit the number of oil and gas futures contracts investors can hold.
Businesses highly dependent on oil and gas futures, such as trucking, airlines and manufacturers, have been lobbying the commission for such a rule in hopes of curbing what some business leaders said was excessive oil speculation that leads to price swings.
The CFTC unveiled its proposed rule on Jan. 14. Under its provisions, trucking and other businesses that directly use the commodity at issue would be allowed to maintain their hedge exemptions.
The exemptions allow such businesses to hold more contracts than the normal investor.
The public has 90 days from the date the rule was issued to comment on it. Comments can be submitted to David Stawick-Secretary, Commodity Futures Trading Commission, 3 Lafayette Centre, 1155 21st Street NW, Washington, DC 20581.
Comments also may be sent via e-mail to secretary@cftc.gov or faxed to 202-418-5521. All comments should refer to “Proposed Federal Speculative Position Limits for Referenced Energy Contracts and Associated Regulations.”
Comments may also be submitted by connecting to the Federal eRulemaking Portal at http://www.regulations.gov and following comment submission instructions.
By Michele Fuetsch
Staff Reporter
