“New data compiled since the initial waiver was issued revealed that significantly more supply was able to reach U.S. ports faster,” White House assistant press secretary Taylor Rogers said in a post on social platform X.
The move comes as fuel prices have spiked amid the Iran war and the closure of the Strait of Hormuz, which normally sees roughly 20 percent of the world’s oil passing through it.
Brent crude, the global oil benchmark, was up to $105 per barrel on Friday, while West Texas Intermediate, the U.S. benchmark, sat at $95. The national average for gas prices was at $4 per gallon on Friday, according to AAA.
The administration’s original move to waive the law’s requirement was expected to generate modest savings for drivers at the pump by allowing gasoline to be shipped more cheaply. The extension is likely to keep those savings in place.
In 2022, JPMorgan projected that a Jones Act waiver could save East Coast drivers about 10 cents per gallon.
Read more here, from The Hill's Julia Manchester.
