White House set to extend waiver to push down gas prices

The White House is expected to extend the Jones Act waiver in the coming days as a tool to try to hold down gas prices as a result of the US-Israeli war on Iran, according to Reuters, citing sources.

The century-old Jones Act requires cargo moving between US ports to be carried on ships built and owned by the US and operated by American workers, and the waiver aims to lower gas prices by increasing shipping flexibility and reducing transport bottlenecks.

The current waiver is set to expire on 16 August, which is already the longest suspension of the Jones Act rules since it was enacted, and has been used nearly 200 times since the start of the Iran war.

This comes as Trump is running out of easy options to lower US oil prices, which are currently averaging at $4 a gallon, ahead of the midterm elections in November.

It also follows Trump’s comments on Monday that oil companies like Exxon Mobil and Chevron are making “too much money” off the surge in prices from the Iran war.