President Donald Trump has waived the Jones Act for 60 days to bring down gas prices.
“This action will allow vital resources like oil, natural gas, fertilizer, and coal to flow freely to U.S. ports for sixty days, and the Administration remains committed to continuing to strengthen our critical supply chains,” Press Secretary Karoline Leavitt wrote on X.
The 1920 Jones Act shouldn’t even exist anymore.
The act only allows U.S.-flagged and built ships “to transport cargo between U.S. ports.”
The ships must also be “mostly owned and crewed by Americans.”
Not a shock that President Woodrow Wilson (I hate that guy) signed the Jones Act into law. He wanted to encourage U.S. shipbuilding after World War I.
Yeah, well, it hinders competition, leading to higher costs for goods and higher operational costs.
Fewer than 100 vessels comply with the Jones Act.
Yes. Fewer than 100!!
One White House official told Bloomberg that the waiver includes the following:
Oil prices continue to fluctuate, causing gas prices to react the same.
Operation Epic Fury has led to oil infrastructure damage and has mostly shut down the Strait of Hormuz.
I will update this post when more information comes out.
[Featured image via YouTube]
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