As a result of the Iran war, there have been disruptions and price increases on the oil market worldwide. To mitigate the effects, US President Donald Trump temporarily suspends the Jones Act.
According to White House Press Secretary Karoline Leavitt, the approximately 100-year-old shipping law is to be suspended for an initial period of 60 days. The aim is to facilitate the transportation of oil and other raw materials to the United States.
Among other things, the Jones Act stipulates that the transportation of goods between US ports may only be carried out by US flag vessels whose crew consists of at least 75% US citizens. In addition, these ships must be built in the USA and owned by US citizens.
“President Trump’s decision to issue a 60-day suspension of the Jones Act is another step to mitigate short-term disruptions in the oil market while the US military continues to pursue the goals of Operation Epic Fury,” explained Karoline Leavitt.
The measure is intended to allow key resources such as oil, natural gas, fertilizer and coal to reach U.S. ports unimpeded for 60 days.
