Trump extends Jones Act waiver for another 90 days
Summary
President Trump is extending a waiver of the Jones Act for another 90 days to help lower fuel prices amid the ongoing war in Iran. The waiver allows foreign ships to carry goods between U.S. ports, increasing the supply of oil and other products during a time of energy shortages.Key Facts
- The Jones Act requires goods shipped between U.S. ports to be carried on U.S.-built, U.S.-flagged, and U.S.-crewed ships.
- President Trump first waived the Jones Act on March 18 for 60 days to reduce energy costs.
- The new waiver extension begins at midnight on May 18 and lasts for 90 days.
- Over 40 tankers have used the waiver, increasing shipping capacity between U.S. ports by more than 70%.
- More than 9 million barrels of U.S. oil have been transported using the waiver.
- Some experts say the waiver helps lower shipping costs and increases supply; others say it hurts the U.S. maritime industry and has not lowered gasoline prices.
- The Trump administration has also released oil from the Strategic Petroleum Reserve and lifted some sanctions on Russian oil to address energy price issues.
- The war in Iran has reduced global oil supplies and kept shipping levels low in the Strait of Hormuz, a key oil route.
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