Public Event Detail
Phillips 66 uses Jones Act waiver to ship Texas crude to East Coast refiner
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Event summary
Phillips 66 has utilized a Jones Act waiver to transport Texas crude oil to an East Coast refiner, marking the first use of the waiver since its issuance by President Trump in March 2026. This waiver, allowing foreign vessels to ship oil between U.S. ports, aims to alleviate supply disruptions caused by the conflict with Iran and is expected to exert downward pressure on WTI crude oil prices by easing supply constraints. Traders are now reassessing their positions as increased domestic shipping capacity could negate tension-driven price spikes.