The Trump administration plans to suspend the Jones Act in an effort to stabilize oil prices.

CoinFeed reported on March 12 that, according to sources, the Trump administration plans to grant a temporary exemption to a century-old maritime law as part of measures to curb soaring oil prices. This law requires that cargo transported between U.S. ports be transported on U.S.-built vessels. The sources said the 30-day Jones Act exemption would allow foreign tankers to help supply East Coast refineries with fuel from the Gulf Coast and other parts of the U.S. This move comes as Trump considers various options to curb the sharp rise in crude oil and gasoline prices caused by the war with Iran. The Merchant Shipping Act of 1920 is a federal law protecting the U.S. merchant fleet and regulates maritime commercial activities between U.S. waters or ports.