Trending Now - Trump Waives Jones Act to Address Rising Gasoline Prices

WHO:

President Trump

White House press secretary Karoline Leavitt

U.S. Treasury Department

Petróleos de Venezuela S.A. (PDVSA)

Vice President JD Vance

William Doyle, former commissioner of the U.S. Federal Maritime Commission

Colin Grabow, associate director at the Cato Institute's Herbert A. Stiefel Center for Trade Policy Studies

Geoff Ramsey, expert on Latin America at the Atlantic Council

Dmitry Peskov, Kremlin spokesman

Ukrainian President Volodymyr Zelenskyy

WHAT:

Trump issued a 60-day waiver of the Jones Act.

The waiver allows foreign-flagged ships to transport oil, natural gas, fertilizer, and coal between U.S. ports.

Gas prices in the U.S. increased by 92 cents per gallon from February 2026 to March 2026.

The national average for a gallon of regular gasoline reached $3.84 on March 18th, 2026.

The Treasury Department eased sanctions on PDVSA, allowing it to sell oil to U.S. companies and on global markets.

The waiver of the Jones Act is intended to mitigate short-term disruptions to the oil market.

WHERE:

United States

Venezuela

Strait of Hormuz

WHEN:

The Jones Act waiver was issued on March 18th, 2026.

The easing of sanctions on PDVSA was announced on March 18th, 2026.

The U.S. military operation in Iran is referred to as Operation Epic Fury.

WHY:

The actions were taken to address rising gasoline prices due to the ongoing war with Iran.

The U.S. administration is under pressure to ease soaring oil prices amid military operations.

HOW:

The Jones Act waiver allows for the use of foreign-flagged vessels for shipping between U.S. ports.

The Treasury's license allows U.S. companies to engage in transactions with PDVSA under specific conditions.

(UPDATED March 18, 2026 19:23 UTC)

Today, President Trump announced a 60-day waiver of the Jones Act, allowing foreign-flagged ships to transport oil, natural gas, fertilizer, and coal between U.S. ports, as the national average for gasoline has surged to $3.84 per gallon. This waiver, along with the easing of sanctions on Petróleos de Venezuela S.A., is aimed at addressing the rising gasoline prices exacerbated by the ongoing military operations in Iran. The U.S. Treasury Department's new license permits American companies to engage in transactions with PDVSA under specific conditions, reflecting the administration's efforts to stabilize the oil market amid increasing pressure.