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Trump extends Jones Act waiver as Iran war roils oil market
CNBC • • nation
Key Points:
- The Trump administration extended the Jones Act waiver for another 90 days, narrowing it to apply only to vessels hauling certain energy resources to maintain fuel flow amid the Iran war.
- The waiver requires the Pentagon to consult with the U.S. Maritime Administration to determine applicability on a voyage-by-voyage basis, addressing concerns from the U.S. maritime industry.
- Since the initial waiver in March, 210 voyages transporting gasoline and crude oil have been completed under the waiver, moving nearly 55 million barrels of cargo that would otherwise have been unlawful.
- The Jones Act, a 1920 law mandating that goods transported between U.S. ports use American vessels, was initially waived to ease disruptions caused by the Iran conflict and global oil market turmoil.
- Officials and industry representatives praised the extension as crucial for maintaining energy supply security, protecting consumers from price volatility, and supporting national economic and security interests ahead of the midterm elections.
