Trump Administration Reportedly Issues Jones Act Waiver As Crude Oil Continues To Soar

The Trump administration on Wednesday reportedly issued a temporary 60-day waiver for the Jones Act as crude oil prices continue to rise amid the Iran war.

According to a Bloomberg report, the Jones Act waiver has been issued to lower the cost of transporting oil, gas, and other commodities.

“President Trump’s decision to issue a 60-day Jones Act waiver is just another step to mitigate the short-term disruptions to the oil market as the U.S. military continues meeting the objectives of Operation Epic Fury,” White House Press Secretary Karoline Leavitt stated.

The Merchant Marine Act of 1920, commonly called the Jones Act, is a U.S. federal law that regulates maritime commerce within the United States. It is named after its sponsor, Senator Wesley Jones.

This comes at a time when crude oil prices have continued to gain after crossing the $100-per-barrel mark.

U.S. West Texas Intermediate (WTI) crude futures maturing in May gained nearly 3% per barrel to hover around $98 a barrel. Brent crude futures expiring in May surged nearly 6% to $110 per barrel, gaining nearly 19% over the past week.

The United States Oil Fund ETF (USO) gained nearly 3%, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) was up about 5% at the time of writing.

Get updates to this developing story directly on Stocktwits.

Also See: US Trade Deficit With China Down 30% Over Past Year, Jamieson Greer Reportedly Says: ‘It Would Be Very Helpful If…’

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