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Why Trump’s Waiver of the Jones Act Is Unlikely To Lower Gas Prices
['Alex Kimani', 'Alex Kimani Is A Veteran Finance Writer', 'Investor', 'Engineer', 'Researcher For Safehaven.Com.', 'More Info']
Oilprice.com
The problem is that the first waiver barely moved gasoline prices.
With Big Oil showing no indication of heeding Trump’s threats, extending the Jones Act waiver is another lever to pull, from the perspective of the White House.
It also guarantees employment for U.S. mariners and shipyard workers by eliminating cheap foreign competition on domestic shipping routes.
Meanwhile, Senator Maria Cantwell and other critics argue that the Jones Act waiver has failed to lower fuel prices while creating uncertainty and instability for the U.S. maritime and shipbuilding sectors.
The political pressure to bring gasoline prices down will only intensify as the midterm elections approach.