President Donald Trump waives Jones Act for 60 days to stabilize oil markets

President Donald Trump has issued a 60-day waiver of the Jones Act in an effort to stabilize oil markets amid the ongoing conflict with Iran.

“President Donald Trump issued a 60-day waiver of a longstanding U”

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The White House confirmed this action on Wednesday through White House press secretary Karoline Leavitt.

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The temporary suspension of this longstanding maritime law will allow vital resources including oil, natural gas, fertilizer, and coal to flow freely to U.S. ports for sixty days.

This decision comes as the Trump administration seeks to address market disruptions caused by the war in the Middle East.

The conflict has impacted global energy supplies and driven up fuel prices in the United States.

The Jones Act is a 1920 maritime law signed by then-President Woodrow Wilson.

The law requires that the transport of goods between U.S. ports must be conducted by U.S.-built and U.S.-crewed vessels.

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This restriction has historically increased shipping costs compared to foreign vessels.

Only American-made ships can legally pick up cargo at American ports and transport it to another U.S. port.

The Trump administration's waiver represents a significant temporary relaxation of these requirements.

This action could potentially reduce the cost of transporting fuel and agricultural products by ship between American ports.

The waiver is being implemented during the current market turmoil caused by the Middle East conflict.

The timing of this waiver directly correlates with the recent spike in gasoline prices across the United States.

“President Donald Trump will issue a 60-day waiver of the Jones Act in its latest effort to curb rising gas prices amid the war in Iran, press secretary Karoline Leavitt announced on Wednesday”

Newsweek

Gasoline prices have jumped 29 percent to an average of $3.84 per gallon.

The price increase occurred from $2.98 on February 28, when the United States and Israel began their attacks on Iran.

The Trump administration's move is explicitly tied to 'Operation Epic Fury.'

Leavitt noted that the waiver aims 'to mitigate the short-term disruptions to the oil market as the U.S. military continues meeting the objectives of Operation Epic Fury.'

This suggests the administration views the Jones Act waiver as part of its broader strategy.

The strategy is designed to manage economic fallout from the military operation in Iran.

Despite the administration's efforts, market analysts and shipping executives anticipate that the Jones Act waiver will have only a marginal impact on gasoline prices.

The introduction of cheaper foreign vessels is expected to shave only pennies off the cost of fuel.

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This limited effectiveness is based on industry assessments.

This is not unprecedented, as the Jones Act has been waived before during national emergencies.

Previous waivers were granted after Hurricane Maria devastated Puerto Rico in 2017.

Another waiver occurred in 2021 when an energy pipeline was shut down by a cyberattack.

The Trump administration maintains that it 'remains committed to continuing to strengthen our critical supply chains' despite these market constraints.