Soaring gas prices prompt Trump to ease oil tanker rules – how waiving the Jones Act affects what you pay at the pump

The Trump administration temporarily suspended the Jones Act on March 18, 2026, to address soaring gasoline prices that had climbed from $2.98 to $3.84 per gallon following the U.S. and Israel attack on Iran on February 28. The 1920 shipping law ordinarily bars foreign-flagged vessels from transporting goods between U.S. ports, but the 60-day waiver allows foreign tankers to move oil and gas domestically, potentially reducing transportation costs. A 2022 JPMorgan analysis estimated such a suspension could save East Coast motorists about 10 cents per gallon, though the brief timeline limits impact since the marine industry needs months to respond and shipping costs are not the primary driver of fuel prices.