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12.03.26 - 17:54
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Middle East war creating ′largest supply disruption in the history of oil markets′ (The Guardian)
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Vast release of emergency crude reserves fails to quell mounting fears about supply crunch, rattling marketsMiddle East crisis – live updatesOil markets are now facing the “largest supply disruption in history” as the war in Iran continues to block tankers from producing and shipping millions of barrels of crude each day, the world energy watchdog has warned.The International Energy Agency (IEA) said the supply shock ignited by Iran's effective blockade of the strait of Hormuz meant the world faced a deeper crisis than after the Yom Kippur war of 1973 and the 2022 outbreak of war in Ukraine. Continue reading......
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12.03.26 - 17:36
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Trump Set To Suspend Jones Act To Help Tame Oil Prices (ZeroHedge)
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Trump Set To Suspend Jones Act To Help Tame Oil Prices
One day after the Trump administration flip-flopped on using the Strategic Petroleum Reserve (SPR) - eventually deciding to release 172 million barrels to try and counter the rising price of oil, they're now planning to issue temporary waivers for a century-old maritime law, the Jones Act, that requires American-built ships to be used to transport goods between US ports, in yet another attempt to control crude.
Under the plan, 30-day waivers would be issued that would allow foreign tankers to help supply refiners on the East Coast with fuel from the Gulf Coast and elsewhere, according to Bloomberg.
The US government can temporarily waive the Jones Act, but it cannot permanently lift it without Congress. The law requires that goods transported between US ports be carried on ships that are US-built, US-flagged, and US-crewed. However, under the Merchant Marine Act of 1920 framework, the administration can grant temporary waivers if i...
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