US President Donald Trump on Monday approved an extension of a waiver to the Jones Act, but with some limitations, a White House official said, as quoted by Reuters.
The Jones Act requires cargo moving between US ports to be carried on ships built in America., owned by American companies and crewed by American workers. The waiver aims to lower gas prices by increasing shipping flexibility and reducing transport bottlenecks in the country.
Reuters had earlier reported that the White House is expected to extend a waiver of the century-old Jones Act in the coming days to try and hold down gasoline prices as Trump escalated his attacks on Exxon Mobil and Chevron for making "too much money."
The current waiver is set to expire on August 16 and has already become the longest suspension of the US Jones Act rules in the program's history. According to official data, the exemption has been used nearly 200 times over 4-1/2 months through the end of July.
The oil industry had expected an extension by the end of July 2026.
Accoridng to the Reuters report, administration officials continued holding meeting with maritime industry representatives and lawmakers over potential changes to narrow the scope of the waiver while preserving flexibility to move critical fuel supplies.
