President Trump has waived a centuries-old shipping law to help lower the cost of transporting oil and fuel worldwide.
According to Breitbart, President Trump will waive the Jones Act for 60 days to help the oil market amid the ongoing war.
White House press secretary Karoline Leavitt confirmed the order online, writing, “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.”
She added, “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.”
CNBC notes that this act was signed into law in 1920 by then-President Woodrow Wilson. The act requires that goods transported between U.S. ports must be conducted by U.S. vessels. By waiving this law, President Trump has freed up many more international tankers to carry fuel between U.S. ports.
This move comes two weeks after the initial attacks that have led to massive increases in the prices of oil, unleaded, and diesel. According to NBC News, U.S. crude oil prices have increased by 40 percent, and the average retail price of unleaded gas has risen by more than 75 cents per gallon.
Breitbart reported on AAA’s data, which showed that the national average price of a gallon of gas on Thursday was $3.88, up from $2.92 a month ago. In addition to waiving the Jones Act, RSBN reports that President Trump has made it clear he doesn’t support the targeting of the Iranian energy structure. He slammed Israel after it struck a large Iranian energy swath known as South Pars. This strike might have serious consequences for worldwide energy supplies.
In response to the fuel crisis, U.S Treasury Secretary Scott Bessent revealed that the U.S. might lift sanctions on Iranian oil cargo, about 140 million barrels of oil, already on the water to keep prices down.
