00:00President Trump is trying to ease the pressure on oil and gasoline prices from the Iran conflict.
00:05Fox Business Correspondent Lauren Smith joins us tonight with what that could mean for you.
00:10Hi, Lauren.
00:12Good evening, Brett.
00:13President Trump is extending the Jones Act shipping waiver.
00:16The Jones Act is a federal law requiring all goods transported between U.S. ports
00:20be carried on American-owned and crewed ships.
00:23Oh, American-owned and crewed ships is what Jones Act is.
00:28The administration has waived that requirement through the middle of August.
00:32The exception comes as there has been little movement in the Strait of Hormuz.
00:36Very little.
00:37Six vessels have crossed.
00:39Vessels have crossed.
00:40Iranian vessels especially are crossing the Hormuz at late night turning off their lights is what they're doing.
00:48And just 93 since this blockade began 11 days ago according to Kepler.
00:53Yes.
00:53The U.S. says the blockade is ironclad and growing more powerful by the day.
00:58The Navy has stopped six ships carrying Iranian oil to squeeze their economy.
01:03The U.S. blockade on Iranian ports there and Iranian retaliation for it have kept ships anchored.
01:11U.S. blockade.
01:11Navy stopped six ships carrying Iranian oil.
01:15They're only blocking Iranian oils.
01:18Yes, please.
01:20We've seen some cargos going for $4 million just to get through the Panama Canal.
01:25I'll let you who he is.
01:27Global bypass.
01:28Cargo rerouted through Panama Canal.
01:31Historically, that cost is $200,000, $300,000.
01:34Yes.
01:34So, clearly, 20X in some cases getting through that Panama Canal.
01:39That's how much of a premium it is right now and how much demand has increased just in the last
01:44two months.
01:44Last two months has increased the demand very, very much.
01:4820X to the 30X.
01:50This we see in the demand increase.
01:52Yes.
01:52And what Navigator Gas is talking about is this bypass that global companies have taken to avoid the Strait of
02:00Hormuz.
02:01Blockade.
02:02They are taking energy, cargo and goods from the U.S. moving it west to Asia via the Panama Canal.
02:10Yes.
02:10They're using Panama Canal and they're paying 20X, 30X extra.
02:15A lot for that.
02:16As you heard, sometimes $4 million.
02:19$4 million per sip.
02:21As for the price of oil, it fell a bit today for the first time in five days.
02:25Yes.
02:26Just about $95 the barrel.
02:28Brett.
02:29Thank you, Lauren.
02:30Subscribe.
02:31Follow.
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