XOM, CVX, COP: Big Oil Stocks Jump as U.S. Eyes Jones Act Suspension — Here’s Why

FomoAnxiety · 2026-03-12T17:33:45+00:00

U.S. oil stocks rose after reports that Trump's administration may waive the Jones Act for 30 days, allowing foreign tankers to deliver fuel to East Coast refiners, aimed at addressing rising oil prices amid ongoing geopolitical tensions.

FomoAnxiety

2026-03-12 17:33:45

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Shares in U.S. oil giants climbed on Thursday morning following a _Bloomberg _report that President Donald Trump’s administration is considering a temporary waiver on a key marine law to boost supply to refiners on the East Coast.

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Insider sources told the outlet that the administration was looking to temporarily shelve long-established marine rules referred to as the Jones Act. These rules, part of the Merchant Marine Act of 1920, permit only American-built ships to transport goods between U.S. ports.

However, the administration is said to be weighing putting them aside for 30 days so that foreign tankers can help deliver fuel from the Gulf Coast and elsewhere in the U.S. to refiners on the East Coast. The measure comes as the administration has been mulling over “all credible options” to ease surging oil prices amid the ongoing U.S.-Israel-Iran war.

Exxon Mobil XOM +1.81% ▲ , Chevron CVX +2.97% ▲ , and ConocoPhillips COP +2.62% ▲ ticked higher in late morning trading following the report. Such a move could trim transportation costs for refiners, as U.S. vessels are generally more expensive than foreign-made ones.

In addition, the move could also help ease the logistics of crude movement between the regions by making alternatives such as rail less attractive and improving producers’ competitiveness with foreign oil.

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