Trump waives shipping law as gasoline prices soar

President Trump issued a 60-day waiver of the Jones Act, the 1920 shipping law that requires cargo moved by water between U.S. ports to be carried exclusively on U.S.-built, U.S.-flagged vessels crewed primarily by Americans. The move aims to ease fuel and supply shortages as the Iran war restricts access to the Strait of Hormuz and pushes gasoline prices to $3.84 per gallon, up from roughly $3 before the conflict began. The waiver will allow oil, natural gas, fertilizer, and coal to flow more freely to U.S. ports, particularly easing transport from the Gulf Coast to the East Coast. Market analysts expect only modest impact on gasoline prices, as energy prices continue rising amid escalating military operations—Brent crude jumped over $5 to roughly $109 per barrel on Wednesday following Israeli strikes on Iran's natural gas infrastructure. The Trump administration has signaled it may pursue additional measures, including emergency oil stockpile releases, though officials acknowledge no policy can fully offset the disruption of the Strait, which handles roughly 20% of global oil and petroleum trade.