Energy prices rise despite Jones Act suspension by Trump

What Happened

One month after President Trump suspended the Jones Act to reduce shipping costs, energy prices have continued rising. Oil prices increased as US-Israel conflict disrupted the Strait of Hormuz, a critical waterway carrying 20 percent of global oil and gas. Brent crude reached $98.91. The waiver's projected 3-cent impact on East Coast prices is overshadowed by broader market increases. Over 34,000 ships have diverted from the strait. Gas prices averaged $4.125 per gallon.

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