U.S. President Donald Trump on Wednesday waived the Jones Act for 60 days in an effort to curb rising oil prices caused by the closure of the Strait of Hormuz off the coast of Iran.
The Jones Act requires that all goods transported between U.S. ports must be carried solely by American-built ships.
"President Trump's decision to issue a 60-day Jones Act Waiver is just another step to mitigate the short-term disruption to the oil market as the U.S. military continues meeting the objectives of Operation Epic Fury," White House Press Secretary Karoline Leavitt said in a statement.
"This action will allow vital resources like oil, natural gas, fertilizer, and coal to flow freely to U.S. ports for sixty days, and the Administration remains committed to continuing to strengthen our critical supply chains," she added.
As part of efforts to curb the hike in oil prices, the United States has announced that it will release 172 million barrels of oil from its Strategic Petroleum Reserve.
As energy prices keep rising amid disruptions tied to the Iran conflict, local media also termed the move as an effort to reduce domestic shipping costs, support military logistics, and ensure a consistent fuel supply to U.S. bases and operations.
Trump waives Jones Act to curb rise in oil prices
