President Trump on Wednesday issued a 60-day waiver of the Jones Act, a move aimed at lowering energy prices by letting foreign ships move fuel between U.S. ports.
The 100-year-old law requires goods shipped between American ports to be carried on ships that are U.S.-built, -flagged and -crewed, and also limits the number of tankers domestic shippers can use.
“President Trump’s decision to issue a 60-day Jones Act waiver is just another step to mitigate the short-term disruptions to the oil market as the U.S. military continues meeting the objectives of Operation Epic Fury,” White House press secretary Karoline Leavitt said in a post on social media. “This action will allow vital resources like oil, natural gas, fertilizer and coal to flow freely to U.S. ports for sixty days, and the Administration remains committed to continuing to strengthen our critical supply chains.”
The waiver comes as global oil and U.S. gas prices have surged due to the Iran war.
— This is a developing story. Please check back for updates.