economy
Trump waives Jones Act in bid to stanch rise in oil prices
President Donald Trump has waived the Jones Act, a law mandating that goods shipped between U.S. ports be carried only by American-built ships, in an effort to place downward pressure on elevated oil prices.
TL;DR
- President Trump has waived the Jones Act for 60 days to combat elevated oil prices.
- The waiver allows foreign tankers to transport goods, including oil, between U.S. ports.
- This action is intended to mitigate disruptions caused by the closure of the Strait of Hormuz.
- Economists suggest the Jones Act increases prices for domestic consumers, though it might raise prices on the Gulf Coast.
- Other administration efforts to lower energy costs include releasing oil from the Strategic Petroleum Reserve and providing insurance for ships in the Strait of Hormuz.