White House set to extend Jones Act waiver to push down gas prices

The White House is poised to prolong the Jones Act waiver in the days ahead, with the intention of curbing rising gas prices in the wake of the US-Israeli conflict with Iran, according to Reuters, who cited unnamed sources. The Jones Act, a century-old legislation, mandates that all shipping between US ports must be conducted using vessels built, owned, and operated by American entities, and the waiver seeks to alleviate the impact on gas prices by enhancing shipping flexibility and mitigating transport bottlenecks.

Presently, the waiver's validity expires on August 16, marking the longest suspensions of the Jones Act provisions since its inception, and has been invoked approximately 200 times since the onset of the Iran war. This move comes as President Trump is running out of viable options to lower US oil prices, which are presently averaging around $4 per gallon, prior to the upcoming midterm elections scheduled for November.

Furthermore, this strategy aligns with Trump's remarks on Monday, where he criticized oil companies such as Exxon Mobil and Chevron, alleging that they are profiting excessively from the surge in gas prices resulting from the Iran war.