US EditionTrump waives U.S. shipping law for 60 days, eases Venezuela oil sanctions to steady oil market
The Trump administration issued a 60-day Jones Act waiver and eased Venezuela sanctions to ease surging U.S. fuel prices amid Iran war disruptions, with gas prices up 27%, AAA data shows.
- On March 18, 2026, President Donald Trump issued a 60-day Jones Act waiver and the U.S. Treasury Department eased Venezuela oil sanctions to boost fuel flow.
- With tanker traffic through the Strait of Hormuz halted, Iran blocks about 15 million barrels, pushing Brent crude near $109 and U.S. crude to about $98 a barrel.
- The Treasury license specifies that companies existing before Jan. 29, 2025 can buy Venezuelan oil but must route payments to a U.S.-controlled account, banning gold and cryptocurrency.
- Labor and shipbuilding groups criticized the waiver, saying it could displace American workers despite U.S. motorists facing a national average gasoline price of $3.842 per gallon and diesel at $5.068.
- Alongside the waiver, the administration plans to release 172 million barrels from the U.S. Strategic Petroleum Reserve as part of a 400 million-barrel global effort, but analysts warn Venezuela production forecast limits gains to 300,000 barrels per day in 2026.
145 Articles
145 Articles
Trump eases Venezuela oil sanctions as US seeks to boost world oil supply during Iran war
Amid intensified war in the Middle East, US companies have been allowed to do business with Venezuela's state-owned oil and gas company after the US Treasury Department eased sanctions, with some limitations, on Wednesday as the Trump administration looks for ways to boost global oil supplies during the Iran war. Treasury Department issues broad authorisation for Venezuela In this regard, the Treasury Department issued a broad authorisation all…
Washington, 18 Mar (EFE).- U.S. President Donald Trump decided on Wednesday to suspend a law that requires all goods traveling between U.S. ports to be transported on domestic ships, due to the ongoing war with Iran and to try to contain the rise in the cost of gasoline across the country. White House spokesperson Karoline Leavitt said Trump decided to suspend the Jones Act for 60 days to “mit the short-term disruptions in the oil market, while …
US seeks to curb soaring petrol prices
The Trump administration is taking steps to curb rising energy costs, as it continues to wage war in the Middle East. The US is easing sanctions on Venezuela, and suspending a century-old shipping law, in an effort to get more oil supplies into the global market. Oil prices continues to rise, with crude topping $109 per barrel, as Gulf energy infrastructure was targeted by strikes. Also in the show - the UN's maritime agency seeks safe passage f…
White House suspends the Jones Act for 60 days. Analysts see a gas price impact of 3 cents
As the U.S. and Israel’s war against Iran continues to upend energy markets and supply chains worldwide, the Trump administration says it will temporarily waive maritime shipping requirements under a more than century-old law known as the Jones Act. The Jones Act requires that goods hauled between U.S. ports be moved on U.S.-flagged vessels. Passed in 1920, this law aims to protect the American shipping sector — but it’s also faced criticism ove…
PBS NewsHour
What to know about the Jones Act as the Trump administration unveils a 60-day waiver
Passed in 1920, this law aims to protect the American shipping sector — but it's also faced criticism over the years for slowing the delivery of goods, including critical aid during time of crisis.
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