White House mulls waiving century-old Jones Act to curb soaring fuel prices
The Trump administration is actively considering temporarily suspending the 100-year old Jones Act, a maritime law mandating American-built ships for domestic cargo transport. This potential waiver aims specifically to accelerate oil shipments and alleviate skyrocketing gasoline costs driven by escalating tensions in an ongoing war with Iran.
Key Points
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1The White House is considering waiving the century-old Jones Act to allow foreign vessels for transporting goods between U.S. ports.
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2This potential waiver aims to alleviate soaring fuel and oil prices driven by rising global tensions, including an ongoing conflict in Iran involving Israel.
Developments
Perspectives
The White House is considering waiving the Jones Act, which requires goods shipped between U.S. ports to be carried on American vessels.
— [Mar 12, 18:04] Politico.euTrump administration officials have instructed US oil companies and shipping groups in preparation for a potential waiver of this century-old law that limits the number of tankers available for domestic shipments due to rising fuel prices amid ongoing conflict with Iran.
— [Mar 12, 16:53] Independent.co.uk'In the interest of national defense,' White House officials are weighing a temporary suspension (potentially lasting up to thirty days) that would allow foreign vessels to refuel US refineries and transport goods between U.S. ports.
— [Mar 12, 16:53] Independent.co.ukThe Trump administration is prepared to waive the Jones Act as a strategy to curb soaring oil prices while dealing with rising fuel costs caused by war in Iran
— [Mar 12, 17:40] CBS NewsThe White House may waive Jones Act restrictions on U.S.-flagged vessels temporarily due to rising global oil and food costs caused by tensions in Iran. This potential move aims to ensure energy products flow freely while facing political pressure from soaring fuel prices, though the decision remains unconfirmed as of Sunday's report.
The Trump administration is considering waiving the Jones Act temporarily in response to rising fuel costs and supply disruptions caused by an ongoing Iran-Israel conflict over national defense interests. This potential move would permit foreign ships between U.S. ports, aiming to alleviate energy shortages even as oil prices surged past $95 per barrel following February 28 attacks on Iranian facilities.
President Trump may waive or use existing exemptions for federal laws like Jones Act and East-West pipeline restrictions in an effort to lower oil costs amid rising prices. While officials have not yet finalized a specific waiver, political polls indicate that many Americans blame these fuel price spikes on the president ahead of midterm elections.
The Trump administration is considering temporarily waiving the Jones Act in response to rising fuel prices caused by an ongoing Iran-Israel conflict and subsequent market disruptions. This potential policy change would allow foreign ships to transport energy products between U.S. ports, aiming to alleviate supply shortages despite recent international efforts to boost global oil supplies through inventory injections.