Ed Crooks of Wood Mackenzie explains how the Jones Act exacerbates diesel shortages in the U.S.
- Diesel oil stock levels are at historic lows in certain regional hubs, including New York City, due in large part to a lack of refinery capacity.
- The Jones Act, which requires goods being shipped between two U.S. ports to be shipped on a U.S. made and operated boat, slows down the refilling of these hubs because there are no Jones Act-compliant diesel ships.
- The Jones Act also artificially inflates the cost of natural gas and crude oil which makes home heating more expensive.
- Lawmakers should repeal the Jones Act to reduce costs for consumers and bolster American economic competitiveness.
Read the full article here.