Category: Business News
U.S. oil companies battered by the crude price war between Saudi Arabia and Russia are encouraging the Trump administration to waive a law that mandates only American vessels can be used to transport goods among U.S. ports.
A temporary waiver of that law, known as the Jones Act, “can allow American producers to move domestic products with greater ease within the U.S.,” the American Exploration and Production Council said in a letter sent to congressional leaders Thursday and seen by Bloomberg. The group represents independent oil companies that have announced plans to scale back operations as Russia and Saudi Arabia flood the world with crude, including Parsley Energy Inc., Chesapeake Energy Corp. and Pioneer Natural Resources Co.
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