Story perspectives

Trump Extends Jones Act Waiver, Aims to Cut Fuel Prices

4/25/2026

Summary

Story summary

President Donald Trump extended Jones Act waiver for 90 days, 12 a.m. ET on May 18, to lower fuel prices.
The waiver lets foreign-owned tankers carry oil and gasoline between U.S. ports, with White House reporting it has moved 9 million barrels and increased capacity 70 percent.
Cato Institute associate Colin Grabow says the waiver benefits the country, while American Offshore Maritime Association argues it harms U.S. industry and has not cut gasoline prices.

History

Historical Context

After OPEC’s 1973 embargo forced oil prices to jump from $3 to $12 per barrel, President Richard Nixon declared an emergency, imposing petroleum controls and prompting rationing. Those controls limited sales of existing fields, pulling old oil from the market and deepening scarcity. The shock led to the creation of the Strategic Petroleum Reserve.

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Story summary

President Donald Trump extended Jones Act waiver for 90 days, 12 a.m. ET on May 18, to lower fuel prices.
The waiver lets foreign-owned tankers carry oil and gasoline between U.S. ports, with White House reporting it has moved 9 million barrels and increased capacity 70 percent.
Cato Institute associate Colin Grabow says the waiver benefits the country, while American Offshore Maritime Association argues it harms U.S. industry and has not cut gasoline prices.

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