President Trump is extending a waiver of the Jones Act for another 90 days in a bid to lower fuel prices as the war in Iran stretches into its second month, White House press secretary Taylor Rogers said in a statement on X on Friday. 

The law requires that goods shipped between U.S. ports be carried on vessels that are U.S.-built, -flagged and -crewed. Mr. Trump initially waived the act on March 18 for 60 days to ease energy prices as the war cut off one-fifth of the world's oil supply, causing energy costs to soar. 

The extension will begin at 12 am ET on May 18, the White House confirmed to CBS News. 

"New data compiled since the initial waiver was issued revealed that significantly more supply was able to reach U.S. ports faster," Rogers said on X. "This waiver extension provides both certainty and stability for the U.S. and global economies. The Trump Administration has taken several actions to mitigate short-term disruptions to the energy markets, and this extension will help ensure vital energy products, industrial materials and agricultural necessities are maintained."

The White House added that more than 40 tankers have used, or will use, the Jones Act waiver, increasing the availability of transporting goods between U.S. ports by more than 70%. It has enabled more than 9 million barrels of U.S. oil to reach domestic ports, the White House added. 

Pros and cons of the waiver

Some experts support the waiver and extension, describing the law as outdated and contributing to higher shipping costs. Colin Grabow, associate director at the Herbert A. Stiefel Center for Trade Policy Studies at Cato Institute, a libertarian think tank, told CBS News the extension of the waiver suggests that "the administration thinks it's working and producing benefits to the country." 

"Waiving the law increases the number of ships available," he said. By contrast, when the law is in effect, it becomes much costlier to transport goods between U.S. ports. 

The American Offshore Maritime Association on Friday, by contrast, said the waiver undermines the domestic shipping industry while failing to deliver benefits to consumers. 

"The initial waiver has not reduced gasoline prices, rather prices have increased in every U.S. market while benefiting NATO countries that have refused to support U.S. military operations," Aaron Smith, president of OMSA, said in a statement. "To put it simply, a waiver extension sells out our American maritime industry and the foundation of our Navy to benefit oil traders and foreign shippers. Now is the time we should strengthen U.S. maritime capacity, not weaken it."

The waiver is one of a number of steps the Trump administration has taken to try to tame energy prices as the Iran war chokes oil supplies and boosts domestic energy costs. 

Mr. Trump in March ordered that 172 million barrels of oil be released from the U.S. Strategic Petroleum Reserve. That same month, the U.S. also temporarily lifted sanctions on the purchase of Russian oil. But experts say reopening the Strait of Hormuz to tanker traffic is essential to keeping a lid on oil prices, with shipping traffic through the Strait remaining well below prewar levels.