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Benzinga
  • 2 hours ago
Trump issued a 60-day Jones Act waiver to ease domestic energy movement amid the Iran war, allowing international tankers to ship oil, gas, fertilizer, and coal between U.S. ports. Critics argue the law is protectionist, but maritime labor groups warn the waiver weakens national security without meaningfully lowering gas prices.
Transcript
00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Trump issued a 60-day waiver of the Jones Act to stabilize oil markets during the Iran war,
00:07according to the Wall Street Journal.
00:09The suspension allows oil, natural gas, fertilizer, and coal to move more freely between U.S. ports,
00:16White House Press Secretary Caroline Levitt said in a statement.
00:19The Jones Act requires goods shipped between U.S. ports to be transported on U.S. vessels.
00:24The law aimed to grow the domestic shipping industry after World War I,
00:27but has been criticized as protectionist and said to impede domestic trade.
00:32Fewer than 100 Jones Act-compliant vessels exist,
00:35so waiving the law allows more international tankers to carry fuel between U.S. ports.
00:40Maritime labor groups said the move weakens national security and will not meaningfully lower gas prices.
00:45For all things money, visit Benzinga.com.
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