economy
Trump extends Jones Act waiver to combat oil price spike from Iran war
President Donald Trump issued an extension of a Jones Act waiver, allowing refiners more time to use foreign-flagged ships to transport fuel between U.S. ports to ease rising oil prices driven by the war in Iran.
TL;DR
- President Trump extended the Jones Act waiver for 90 days.
- The waiver allows foreign-flagged ships to transport fuel between U.S. ports.
- This action is intended to reduce rising oil prices caused by the war in Iran.
- The Jones Act generally requires U.S.-built, -flagged, and -crewed ships for domestic transport.
- Phillips 66 was the first refiner to use the waiver, shipping crude oil from Texas to Pennsylvania.
- The war in Iran has disrupted trade through the Strait of Hormuz, impacting global oil supply and prices.
- The administration has taken multiple steps to ease energy prices, including releasing Strategic Petroleum Reserve stocks.