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East Coast Gas Would Only Drop a Dime If Jones Act Lifted, Says JPMorgan

  • Exxon has claimed waiving vessel requirements will tame prices
  • Tools at Biden administration’s disposal are limited: analyst
A taxi driver refuels a vehicle at a gas station in Boston, Mass.

A taxi driver refuels a vehicle at a gas station in Boston, Mass.

Photographer: Vanessa Leroy/Bloomberg

Waiving a century-old shipping law to let foreign-flagged vessels transport fuel between US ports -- a favorite talking point of a US refinery sector trying to get the White House off its back -- would only save East Coast drivers about 10 cents a gallon at the pump, JPMorgan said.

A potential waiver of the Jones Act is one of several tools the Biden Administration is weighing to reduce the effects of record energy costs for Americans. However, like most moves being considered by lawmakers, it’s unlikely to bring sustained relief.