economy
Trump waives US shipping law for oil and gas in bid to lower prices
Move comes as president attempts to mitigate rising price of oil while carrying out war on Iran
TL;DR
- Donald Trump has temporarily waived the Jones Act for 60 days, allowing foreign tankers to carry oil and gas between US ports.
- This waiver aims to mitigate short-term disruptions in oil markets related to Operation Epic Fury and rising global oil prices.
- Iran continues to export oil through the Strait of Hormuz, earning significant revenue despite U.S. actions.
- Global oil prices have increased, with Brent crude at $108 a barrel and US crude at $97, while US gas prices reached $3.84 a gallon.
- The US Treasury Secretary indicated that Iranian tankers are allowed to pass through the strait to supply the world.
- The US conducted strikes on Iran's Kharg island, targeting military sites but leaving oil infrastructure untouched.
- Trump's attempts to secure allied assistance to reopen the Strait of Hormuz have been unsuccessful, leading him to state the US does not need NATO's help.