Then the gas Stocks up_老虎社区_美港股上老虎

RachelNguyen
2021-05-13

Then the gas Stocks up

Biden Lifts U.S. Ship Mandate to Ease Gasoline Shortages

(Bloomberg) -- The Biden administration temporarily eased century-old U.S. shipping requirements to

Biden Lifts U.S. Ship Mandate to Ease Gasoline Shortages

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Even with fuel shipments resuming from around 5 p.m. Eastern time Wednesday, it’s unclear how long it will take for the network to return to normal.“This waiver will enable the transport of additional gas and jet fuel between the Gulf Coast and East Coast ports to ease supply constraints,” White House Press Secretary Jen Psaki said in a statement.Biden is also urging Americans “to just purchase what they need, and not hoard fuel, as supply is restored,” Psaki said. Gasoline stations from Florida to Virginia have reported running dry after Colonial was forced to take systems offline on May 7, and pump prices soared above $3 a gallon for the first time in six years.While the government has temporarily lifted U.S. ship requirements to combat fuel shortages after Superstorm Sandy, Hurricane Harvey and other natural disasters, the issue is politically fraught. The Jones Act is championed by some of the nation’s biggest shipbuilders and vessel operators, as well as their allies on Capitol Hill. It also has the backing of a key Biden constituency in organized labor, including the Seafarers International Union.What the Jones Act Has to Do With Your Car’s Gas Tank: QuickTakeWaiving the requirements could allow foreign-flagged tankers to fill the supply gap left by the interruption to the pipeline. 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Biden Lifts U.S. Ship Mandate to Ease Gasoline Shortages

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