Trump's Latest Attempt to Lower Gas Prices May Fall Flat

US President Donald Trump is weighing another suspension of the Jones Act as high gasoline prices threaten to become a liability for Republicans heading into the midterm elections. The move would again open domestic oil and fuel shipments to cheaper foreign-flagged vessels, but it's unlikely to have a significant impact on gas prices.

The first waiver barely moved gasoline prices, with shipping costs accounting for only a small part of what Americans pay at the pump. Trump has also stepped up pressure on Big Oil over high gasoline prices, directing the Department of Justice to investigate them for possible price gouging.

Big Oil is showing no indication of heeding Trump's threats, and extending the Jones Act waiver is seen as another lever to pull from the White House's perspective. The initial 60-day exemption, announced in March after oil prices spiked, is set to expire on August 16.