US issues 60-day waiver of Jones Act in an attempt to lower energy prices

Eren Sengezer FXStreet

The White House announced on Wednesday that they have issued a 60-day waiver of the Jones Act shipping law, per Reuters.

The Jones Act, formally known as Section 27 of the Merchant Marine Act of 1920, dictates that all goods transported by water between US ports must be carried on US-built, US-flagged vessels owned and crewed by American citizens and permanent residents.

With this waiver, foreign vessels will be allowed to transport goods to the US. During a press briefing on March 12, White House spokesperson Karoline Leavitt explained that the waiver would "ensure vital energy products and agricultural necessities are flowing freely to US ports."

Market reaction

This headline failed to trigger a noticeable market reaction. At the time of press, the barrel of West Texas Intermediate (WTI) was trading near $97.60, rising about 3% on the day.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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