US Extends Jones Act Waiver to Lower Oil Prices, Trump Calls Polls Fake

The U.S. government is expected to extend the temporary waiver of the Jones Act in the coming days to alleviate domestic fuel supply pressures and lower gasoline prices. The Jones Act requires that goods transported between U.S. ports be carried on ships that are built in the U.S., owned by U.S. citizens, and operated by U.S. crews. This waiver aims to increase flexibility in energy transportation and ease fuel supply bottlenecks. The current waiver is set to expire on August 16 and has become the longest suspension of the act in its history, having been used nearly 200 times in the past four and a half months. U.S. Energy Secretary Chris Wright stated that the waiver has helped reduce energy prices in California and parts of the U.S. East Coast, and the government is expected to continue extending the relevant policy. However, analysts believe that the measure will have a limited impact on oil prices, potentially only reducing gasoline prices by a few cents. There are currently divisions within the U.S. government regarding the expansion of the waiver, with some Republican lawmakers and shipping industry organizations expressing concerns that overly relaxing the Jones Act could undermine U.S. shipping capacity and national security interests. Meanwhile, Trump is facing political pressure due to rising oil prices and declining approval ratings, with polls showing his support dropping to around 32%-34%. Trump has called the related surveys "fake polls" and claimed that his real approval rating is "the best it has ever been." Recent conflicts in Iran have affected energy transportation, causing U.S. gasoline prices to rise above $4 per gallon again. The Trump administration is attempting to lower consumer fuel costs by increasing flexibility in energy transportation and pressuring oil companies.

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