economy
Chris Wright says nearly 100 ships have used Jones Act waiver to move oil
Energy Secretary Chris Wright said that nearly 100 vessels have used the Jones Act waiver granted by President Donald Trump, which allowed refiners to use foreign-flagged ships to transport fuel between United States ports.
TL;DR
- Nearly 100 vessels have used a Jones Act waiver granted by President Donald Trump.
- The waiver allows foreign-flagged ships to transport fuel between U.S. ports.
- This measure is part of an effort to lower oil prices, which have risen due to the war in Iran.
- The waiver has been extended until July.
- Economists suggest eliminating the Jones Act could reduce East Coast fuel prices but raise Gulf Coast prices.
- The war in Iran has closed the Strait of Hormuz, impacting global oil supply and causing energy prices to soar.