US Energy Secretary Announces Fuel Price Drop via Jones Act Exemption

U.S. Energy Secretary Chris Wright said fuel prices are expected to fall in the coming weeks after the Trump administration granted a temporary exemption from the Jones Act, allowing foreign‑flagged vessels to transport oil and gasoline. The exemption is intended to increase transport capacity and lower delivery costs, and officials said a further extension is likely.

President Donald Trump has publicly urged major oil companies, including ExxonMobil and Chevron, to reduce pump prices, emphasizing that high fuel costs hurt American consumers ahead of the November congressional elections. At the same time, oil majors such as Saudi Aramco and ExxonMobil reported record quarterly profits, a result of higher global oil prices linked to U.S.‑Iran tensions, which Trump has criticized as profiteering.

Analysts note that while the Jones Act exemption may provide some relief, its overall impact on consumer fuel prices could be limited.