US issues 60-day waiver of Jones Act in an attempt to lower energy prices
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.
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
Recommended Articles
