Biden Waives Jones Act to Tackle High Gas Prices
President Biden temporarily suspends the Jones Act to increase fuel supply and lower gas prices nationwide. Experts weigh in on the potential impact of this move.
In a bid to address the soaring gas prices affecting Americans nationwide, President Biden has issued a temporary waiver of the Jones Act, a century-old law that restricts the transportation of goods between U.S. ports by foreign-flagged vessels. This move is aimed at increasing the supply of fuel and potentially lowering prices at the pump.
The Jones Act, also known as the Merchant Marine Act of 1920, requires that all goods shipped between U.S. ports be transported on ships that are built, owned, and operated by U.S. citizens or permanent residents. This law has been a subject of debate, with some arguing that it drives up costs and limits competition, while others defend it as a way to support the U.S. maritime industry.
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In the face of soaring gas prices, the Biden administration has decided to temporarily waive the Jones Act, allowing foreign-flagged vessels to transport gasoline, diesel, and other petroleum products between U.S. ports. This is an effort to
Source: NPR
