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U.S. Gulf Gasoline Increases After Jones Act Is Suspended

Gasoline strengthened on the Gulf Coast on speculation the Obama administration’s waiver of the Jones Act will boost product shipments to the U.S. East Coast as refineries remain shut after Hurricane Sandy.

The administration suspended the requirement that allows only U.S.-flagged ships to move between the country’s ports. The waiver comes as Phillips 66’s Bayway refinery and Hess Corp.’s Port Reading plant remain shut four days after Sandy, the largest Atlantic superstorm on record, made landfall in southern New Jersey Oct. 29.