US may loosen Jones Act shipping rules to combat fuel price spike

The Trump administration has told US oil companies and shipping groups to prepare for a potential waiver of the century-old Jones Act governing domestic shipping to ease movement of fuel around the country, two sources familiar with the discussions told Reuters.

The announcement could come as early as Thursday, the sources said, and would be aimed at combating spiking fuel prices since the start of the US-Israeli war on Iran.

The White House did not immediately comment.

Under the Jones Act, goods shipped between US ports must be carried on vessels that are US-built, US-flagged and mostly US-owned. The requirement sharply limits the number of tankers available for domestic shipments.