President Donald Trump issued a 60-day waiver of the Jones Act, which was confirmed by the White House on Wednesday. Reports said the White House formally eliminated the requirements that only American ships can transport cargo between domestic ports. Officials are looking to ease access to fuel and supplies while the Strait of Hormuz (hor-MOOZ) remains bottled up by war in Iran.
The White House is attempting to pull multiple levers as the Iran war pushes gasoline prices higher and restricts access to goods that farmers and other industries need to function. Market analysts say the move may only have up to a modest effect on most gasoline prices in the U.S., which now average approximately $3.84 per gallon according to AAA, up from roughly $3 before the conflict began. Oil prices rose higher on Wednesday as signs showed the war escalating further, with global benchmark Brent Crude was up over five dollars to about $109 per barrel.
-NAFB