The Trump administration on Monday narrowed its waiver of the Jones Act while extending it for another 90 days, leaving in place fewer U.S. shipping restrictions in an effort to keep fuel flowing amid the Iran war:
President Donald Trump's second extension of the waiver comes as the war continues to create economic turmoil through the disruption of global oil markets, just a few months before inflation-weary Americans head to vote in the midterm elections:
Traffic through the Strait of Hormuz remains at a trickle, while oil prices have resumed their climb and U.S. petroleum reserves have fallen to their lowest level in decades:
Trump issued his first 60-day waiver of the Jones Act on March 17, less than three weeks after the U.S. and Israel started the war by launching heavy strikes on Iran:
The newest 90-day extension should last until mid-November, past the date of the midterms:
The latest extension, however, will be narrowed to apply only to vessels hauling certain energy resources, a White House official told CNBC:
"We commend the administration's leadership in extending the Jones Act waivers, a critical action that will keep American energy moving, strengthen supply security and help protect consumers from unnecessary price volatility," said Kristin Whitman, senior vice president of government relations at the American Petroleum Institute:
