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Gas Prices Surge Amid Iran Tensions, Trump Responds

3/20/2026

48 7 Full Breakdown

Summary

Story summary

Gas prices rose to $3.84 per gallon, the highest since late 2023, after military actions in Iran.
Brent crude rose above $115 per barrel.
The U.S. President Donald Trump has temporarily waived the Jones Act for 60 days to ease shipping restrictions and address rising energy costs.
Vice President JD Vance downplayed the situation as a "temporary blip."
Trump warned of potential further military actions that could worsen the crisis.

History

Historical Context

The Jones Act, enacted in 1920, mandates that goods shipped between U.S. ports be transported on American vessels, impacting shipping costs and energy prices. In 2026, President Trump temporarily waived the Act to address rising gas prices, echoing past waivers during national emergencies like Hurricane Katrina in 2005. Such actions could significantly influence U.S. energy policy and maritime regulations.

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Story summary

Gas prices rose to $3.84 per gallon, the highest since late 2023, after military actions in Iran.
Brent crude rose above $115 per barrel.
The U.S. President Donald Trump has temporarily waived the Jones Act for 60 days to ease shipping restrictions and address rising energy costs.
Vice President JD Vance downplayed the situation as a "temporary blip."
Trump warned of potential further military actions that could worsen the crisis.

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