Trump Admin Weighs Waiving Jones Act to Combat Soaring Oil Prices

• Trump administration considers temporary waivers for the 100-year-old Jones Act to ease surging oil prices, as per a Bloomberg report.
• The Jones Act mandates US-built, owned, crewed, and registered ships for transporting goods between US ports.
• White House Press Secretary Karoline Leavitt confirmed the consideration, citing national defense and free flow of vital energy products.
• 30-day waivers would allow foreign-flagged tankers to move fuel from the Gulf Coast to East Coast refineries, boosting supplies.
• This move comes amidst rising crude and gasoline prices due to the war in Iran, following a 172 million barrel release from the Strategic Petroleum Reserve.