Posted on August 12, 2026
The Trump administration acted quickly after the crisis in the Strait of Hormuz, temporarily waiving the Jones Act in hopes of easing pressure on American fuel markets. That was an emergency decision. The question now is whether the facts still justify it.
The current waiver expires Aug. 16, and the administration is considering extending it again. But after nearly five months and almost 200 foreign vessel voyages, there is no public evidence that the waiver has delivered any savings at the gasoline pump. President Donald Trump has criticized Big Oil for making “too much money” while people pay higher fuel prices, even urging the companies to return some of those profits to consumers. Refiners have benefited from global market conditions, exports have remained robust, arbitrage opportunities have flourished, and major refiners have reported near record quarterly earnings. The waiver has benefited them, but it has not produced demonstrated savings for drivers.
