Trump Lifts "Shipping Ban" for 60 Days to Curb Oil Price Increases

President Trump announced on the 18th that he will suspend the enforcement of the Jones Act for 60 days and lift restrictions on domestic port shipping, in an effort to curb rising oil prices caused by the de facto closure of the Strait of Hormuz.

According to the Jones Act passed in 1920, ships transporting goods between U.S. ports must be built in the United States, registered in the U.S., and fly the American flag; most ownership must be held by U.S. citizens, and ships must be operated by U.S. crews.

White House Press Secretary Karine Jean-Pierre stated in a release that Trump’s decision to issue a 60-day Jones Act waiver is another measure taken amid ongoing military actions by the U.S. military against Iran to alleviate short-term turmoil in the oil market.

She said, “This measure will allow critical resources such as oil, natural gas, fertilizers, and coal to flow freely to U.S. ports for 60 days.”

As energy prices continue to rise due to the conflict, U.S. media believe that Trump is attempting to lower domestic transportation costs, support military logistics, and ensure continued energy supplies to U.S. military bases.

As part of efforts to curb rising oil prices, the U.S. announced the release of 172 million barrels of oil from its Strategic Petroleum Reserve a week ago.

On February 28, the U.S. and Israel launched a large-scale military operation against Iran, which responded with counterattacks targeting Israel and U.S. military bases in the Middle East. The conflict has nearly halted shipping through the Strait of Hormuz.

(Source: Xinhua News Agency)