The Trump administration looks at issuing waivers for the Jones Act, allowing for foreign vessels to help supply refiners throughout the U.S.
is considering issuing temporary waivers for the Jones Act, a law mandating that goods shipped between United States ports be carried only by American-built ships, in an effort to curb“In the interest of national defense, the White House is considering waiving the Jones Act for a limited period of time to ensure vital energy products and agriculture necessities are flowing freely to U.
S. ports. This action has not been finalized,” White House press secretaryIran war causing largest disruption of oil in history, International Energy Agency saysA suspension would be the latest effort by the Trump team to try to arrest the historic run-up in oil prices soar due to the effective closure of the Strait of Hormuz off the coast of Iran.foreign vessels to help supply refiners on the East Coast with fuel from the Gulf Coast and across the U.S., according to The Jones Act requires that all goods transported between U.S. ports be moved by ships that are U.S.-built, flagged, and crewed. The Strait of Hormuz has been effectively closed since the U.S. and Israel carried out strikes against Iran. The strait is a significant trading route in the region, moving nearly 20 million barrels of crude oil daily, or about a fifth of global supply. The halt on trade going through the strait has caused energy prices to soar.of oil from the Strategic Petroleum Reserve, following an agreement among International Energy Agency member countries to release 400 million barrels of oil and refined products from their emergency reserves to stabilize energy markets. Although ships in the Strait of Hormuz remain at a standstill, some vessels have attempted to move throughout the trading route and have faced attacks.earlier this month proposed a plan to offer financial and logistical support to all shipping lanes, including escorts by the U.S. Navy.As part of the plant, the U.S. International Development Finance Corporation said it would provide $20 billion for reinsurance for ships in the strait. Energy Secretary Chris Wright told CNBC on Thursday that the Navy could be able to escort oil tankers through the strait by the end of the month.
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