Colin Grabow writes for the Cato Institute on how the Jones Act is harming domestic energy production.
- As American policymakers shut off access to Russian oil, outdated regulations will hamstring consumer access to domestic energy.
- The Jones Act, which requires that all goods (including oil) that are being shipped between two ports in the U.S. be transported on a U.S.-built boat that is manned by a crew that is at least 75% American, significantly increases transportation costs for domestic energy.
- If the lawmakers want to lower the price at the pump they should reform or ultimately repeal the Jones Act.
“U.S. usage of Russian energy serves as a fresh reminder of the oft‐overlooked harms inflicted by the Jones Act and the myriad ways it undermines both the country’s prosperity and national security. Let’s hope this sets the stage for a much‐needed and long‐overdue examination of this protectionist relic and the glaring failure of U.S. maritime policy.”
Read the full article here.