Trump waives US shipping law for oil and gas in bid to lower prices

"Donald Trump is trying to make it easier for foreign tankers to move around the US, temporarily allowing foreign-flagged ships carrying oil and gas to travel between US ports, the White House announced Wednesday. The move comes as the president tries to manage a delicate balancing act, attempting to mitigate the increasing price of oil while also carrying out the US-Israel war on Iran."

"Iran is still exporting oil through the strait of Hormuz as the country continues to ship out millions of barrels while blocking other tankers from the waterway. The country is still earning an estimated $140m a day from its oil exports as at least 13 of its supertankers, carrying a total 24m barrels of oil, have passed through the strait since the conflict began."

"Typically, more than a 100 ships would pass through the strait on a daily basis. About 90 ships total, including under two dozen oil tankers, have crossed the strait since the start of the conflict on 28 February. Reports also suggest that Iran is allowing more Indian and Chinese ships to pass through the waterway."

The Trump administration temporarily waived the Jones Act, a 1920 law protecting the US shipping industry by restricting foreign-flagged vessels from transporting commodities through US waterways. This 60-day waiver permits foreign tankers carrying oil and gas to operate between US ports as the administration attempts to stabilize oil markets amid military operations. Iran continues exporting oil through the Strait of Hormuz despite the conflict, earning approximately $140 million daily while blocking other tankers and allowing Indian and Chinese vessels passage. Global oil traffic through the strait has significantly decreased, with roughly 90 ships crossing since late February compared to the typical 100+ daily. At least 16 ships have been attacked during Iran's blockade, substantially impacting global oil prices and supply chains.

Read at www.theguardian.com