Scoop: Trump mulls Jones Act waiver extension to lessen Iran War oil shock
Summary
President Trump issued a temporary waiver of the Jones Act, a law that requires goods shipped between U.S. ports to be carried on American ships, to help lower oil shipping costs amid rising fuel prices due to the Iran war. The waiver has allowed more foreign ships to transport oil within the U.S., increasing supply and lowering costs, and the administration is considering extending this waiver.Key Facts
- The Jones Act is a law from 1920 that requires shipping between U.S. ports to use American-flagged vessels.
- President Trump issued a 60-day waiver on March 18 to ease shipping oil within the U.S. because fuel prices rose due to the Iran war.
- The waiver allowed 40 foreign-flagged oil tankers to operate between U.S. ports, increasing the effective fleet by 70%.
- So far, about 9 million barrels of American oil have been shipped using foreign vessels under the waiver.
- In Alaska, the jet fuel delivered under the waiver equals about half the state’s average monthly use.
- Some groups oppose the waiver, saying it could hurt American shipping jobs and industries.
- Other groups say the Jones Act increases shipping costs and harms most consumers.
- President Trump is reportedly willing to keep the waiver if the Iran threat and fuel price increases continue.
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