U.S. to suspend the Jones Act in a bid to curb oil prices

brewcejener

Absolutely wonderful news for Hawaii.

Kim_Bruning

https://archive.ph/AKZ9G

aeternum

Amazing, never thought it would happen. Ridiculous to have laws that unfairly protect dead industries. Dockworkers next please so we can have automated container unloading.

8note

if it works, will they keep it suspend even after?

nozzlegear

This is literally the meme of "worst guy you know made a great point" playing out in real time.

npmanor

With deference to What’s Going on With Shipping[1], the Jones Act isn’t really the problem. The entire incentive structure and industry crumbled well after it was enacted. [1] https://youtu.be/qWKz3psejb0?si=5QJd5HQ3W1IrSJ7F

xrd

Really crazy to think that starting a war across the world is the best way to break a union. Never imagined that.

jmccaf

I think this is bad strategic precedent for the USA, to save few bucks now. I believe in the Jones Acts original purpose, to protect the US Merchant Marine , for that industry's necessity during wartime

mmonaghan

I did not expect there to be any bright spots but I hope this turns into one of those things (like the 2002 AUMF) that just lasts so long we see benefits from it and eventually kill the underlying blockers.

2OEH8eoCRo0

It takes Congress to repeal a law. This is likely only temporary to not enforce it.

pinkmuffinere

> On Wednesday, the administration announced it would release 172 million barrels of crude from the Strategic Petroleum Reserve. The total reserve is 415 M barrels [1], so this is 41% of the reserve!! And refineries use about 16.5 M barrels per day [2], so if refineries used _only_ this reserve oil, it would keep them busy for 11 days. Of course they aren't _only_ using the reserve oil. I'm sure it will still have an effect, but I think it's a shorter-term solution than it first appears. I don't think this will ease prices for more than a couple months. Would be happy to be corrected if I'm mistaken about some of this. Edit: I guess that's why they're suspending the jones act, as a longer-term solution. But the article says the Jones act will only save "pennies per gallon, not dimes per gallon", so that also doesn't seem to really do much :/ [1] https://www.spr.doe.gov/dir/dir.html [2] https://www.afpm.org/newsroom/blog/how-much-oil-does-united-...

stopbulying

Merchant Marine Act of 1920 ("Jones Act") https://en.wikipedia.org/wiki/Merchant_Marine_Act_of_1920 > Section 27 of the Merchant Marine Act is known as the Jones Act and deals with cabotage (coastwise trade). It requires that all goods transported by water between U.S. ports be carried on ships that have been constructed in the United States and that fly the U.S. flag, are owned by U.S. citizens, and are crewed by U.S. citizens and U.S. permanent residents

mapt

Replacing the Jones Act permanently with aggressive subsidies for US shipyards is one of the most important policy interventions available for multiple coastal economic concerns, and has been for decades. Basically everyone agrees that it is completely broken.