Trump Admin Extends Jones Act Waiver to Pressure Oil Majors

The White House is planning to extend a waiver of the Jones Act, which requires cargo moving between U.S. ports to be carried on ships built in the U.S., owned by U.S. companies and crewed by American workers. The current waiver, set to expire on August 16, has already become the longest suspension of the Jones Act rules in history.

The move aims to lower gas prices, which are currently averaging over $4 a gallon in the U.S., ahead of the midterm elections in November. President Trump is under pressure to address rising fuel costs and has been escalating his attacks on Exxon Mobil and Chevron for making 'too much money.'

U.S. Energy Secretary Chris Wright said the waiver had resulted in lower energy prices in California and on the East Coast, but acknowledged that it would only reduce gasoline prices by pennies per gallon.