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White House considers waiving maritime commerce restrictions as fuel prices skyrocket
The White House proposes a 30-day Jones Act waiver to ease disrupted fuel and agricultural shipments amid Middle East conflict, aiming to slow gasoline price rises above $3.60 a gallon, AAA said.
- On Thursday, the Trump administration announced plans to issue 30-day Jones Act waivers, allowing foreign tankers to transport fuel between U.S. ports to ease regional supply shortages, though White House press secretary Karoline Leavitt said the action has not been finalized.
- Rising gasoline prices, which hit $3.60 a gallon on Thursday, prompted the move as the effective closure of the Strait of Hormuz due to the ongoing war with Iran restricts nearly 20 million barrels of oil daily.
- Formally known as Section 27 of the Merchant Marine Act of 1920, the century-old law mandates that goods transported between U.S. ports utilize vessels that are American-built, American-owned, and American-crewed, limiting available tanker capacity.
- Analysts including Patrick De Haan of GasBuddy suggest the waiver will have a small but useful impact, potentially slowing price increases by around a nickel a gallon rather than reversing the broader upward trend.
- Beyond shipping adjustments, the administration has coordinated with the International Energy Agency to release 172 million barrels of oil from the Strategic Petroleum Reserve, part of a global injection of 400 million barrels into markets.
54 Articles
54 Articles
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U.S. to ease shipping rule in bid to tame spiraling fuel prices
WASHINGTON — The Trump administration plans to waive a century-old maritime law that requires American ships be used to transport goods between U.S. ports as it seeks to blunt surging oil and gasoline prices, according to people familiar with the…
Trump may temporarily waive the 100-year-old oil shipping law to...
The Trump administration may temporarily waive the Jones Act to allow foreign tankers to move fuel between US ports as oil prices rise during the war in Iran The Trump administration is planning to temporarily ease a century-old maritime rule as it looks for ways to deal with rising oil and gasoline prices during the war in Iran. According to people familiar with the matter, officials are considering short-term waivers that would allow foreign s…
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