• 5 minutes Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 11 minutes IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 14 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 15 mins Alberta govt to construct another WCS processing refinery
  • 9 hours Let's Just Block the Sun, Shall We?
  • 22 hours U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 23 hours Waste-to-Energy Chugging Along
  • 1 day What will the future hold for nations dependent on high oil prices.
  • 4 hours What Can Bring Oil Down to $20?
  • 1 day Venezuela continues to sink in misery
  • 1 day UK Power and loss of power stations
  • 1 day Contradictory: Euro Zone Takes Step To Deeper Integration, Key Issues Unresolved
  • 22 hours Regular Gas dropped to $2.21 per gallon today
  • 2 days No, The U.S. Is Not A Net Exporter Of Crude Oil
  • 2 days EPA To Roll Back Carbon Rule On New Coal Plants
  • 17 hours Sleeping Hydrocarbon Giant
  • 18 hours Sane Take on the Russia-Ukraine Case
Has OPEC+ Stabilized Oil Markets?

Has OPEC+ Stabilized Oil Markets?

According to the IEA, OPEC+…

Big Oil Doubles Down On Shale Despite Price Drop

Big Oil Doubles Down On Shale Despite Price Drop

Despite depressed crude oil prices…

US Waives The Jones Act Allowing Foreign Ships to Supply Fuel to the North East

The US Waives The Jones Act Allowing Foreign Ships to Help Supply Fuel to the North East

The Jones Act was created in 1920 to help support the maritime industry in the US by ensuring that any goods moved between US ports must be done so in domestically built ships, crewed by US citizens.

In a rare move, the Department of Homeland Security has decided to issue a waiver allowing foreign vessels to transport petrochemicals to ports in the north east, in an attempt to increase supply of the fuels in the region most affected by the passing of hurricane Sandy.

Related Article: Why US Energy and Economic Prospects Improve if Obama Loses

Foreign ships will supply Northeastern ports with products such as diesel and gasoline from refineries in the Gulf of Mexico; although the true effectiveness of this strategy is unknown due to the fact that most ports in the area are still without power.

The American Maritime Partnership (AMP) has said that it is not aware that US vessels are not able to make the deliveries themselves, however it “will not oppose waivers that are necessary to facilitate delivery of petroleum products into the regions affected by Hurricane Sandy.”

The waivers even allow ship owners to divert cargoes that are bound for Europe or Latin America to supply the depleted market in the North East. What effects this will have on fuel supply and prices in these continents is unknown.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News