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Trump waives U.S. shipping law for 60 days, eases Venezuela oil sanctions to steady oil market
The 60-day Jones Act waiver and eased Venezuela sanctions aim to increase oil supply amid soaring prices caused by the US-Israel war with Iran, with gas prices up 27%, AAA said.
- On March 18, 2026, President Donald Trump issued a 60-day Jones Act waiver and the U.S. Treasury Department eased Venezuela oil sanctions to boost fuel flow.
- With tanker traffic through the Strait of Hormuz halted, Iran blocks about 15 million barrels, pushing Brent crude near $109 and U.S. crude to about $98 a barrel.
- The Treasury license specifies that companies existing before Jan. 29, 2025 can buy Venezuelan oil but must route payments to a U.S.-controlled account, banning gold and cryptocurrency.
- Labor and shipbuilding groups criticized the waiver, saying it could displace American workers despite U.S. motorists facing a national average gasoline price of $3.842 per gallon and diesel at $5.068.
- Alongside the waiver, the administration plans to release 172 million barrels from the U.S. Strategic Petroleum Reserve as part of a 400 million-barrel global effort, but analysts warn Venezuela production forecast limits gains to 300,000 barrels per day in 2026.
194 Articles
194 Articles
US seeks to boost Venezuela oil outputs as energy prices soar
Washington will allow US companies to do business with Venezuela’s state-owned oil company, a move aimed at boosting production in the country as prices soar due to the war in Iran. Oil output in Venezuela — which has the world’s biggest stated crude reserves — has jumped since the US ousted former leader Nicolás Maduro and replaced him with a Washington-friendly figure. The economic gains have not translated into better living conditions for mo…
The Press of Atlantic City
US eases oil sanctions on Venezuela amid war
WASHINGTON — U.S.companies will be allowed to do business with Venezuela's state-owned oil and gas company after the Treasury Department eased sanctions, with some limitations, Wednesday as the Trump administration looks to boost global oil supplies during the Iran war.
Donald Trump waives US shipping restriction to boost fuel supply
US president Donald Trump temporarily waived a century-old shipping mandate to lower the cost of transporting oil, gas and other commodities around the US, marking his latest bid to combat the rise in energy prices spurred by his war in Iran.
Trump eases Venezuela oil sanctions as US seeks to boost world oil supply during Iran war
Amid intensified war in the Middle East, US companies have been allowed to do business with Venezuela's state-owned oil and gas company after the US Treasury Department eased sanctions, with some limitations, on Wednesday as the Trump administration looks for ways to boost global oil supplies during the Iran war. Treasury Department issues broad authorisation for Venezuela In this regard, the Treasury Department issued a broad authorisation all…
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