Marketplace All-in-One An attempt to blunt rising oil prices
Mar 19, 2026
Scott Kennedy, CSIS senior fellow on U.S.-China geopolitics, Nancy Marshall-Genzer, Marketplace reporter on the Fed, and Nova Safo, Marketplace energy correspondent, discuss soaring oil and gas prices and the Trump administration waiving the Jones Act to increase tanker access. They also cover the Fed’s cautious rate stance and how the Middle East conflict reshapes U.S.-China talks.
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Jones Act Waiver Won't Slash Gas Prices
- Suspending the Jones Act widens available ships and can slightly lower U.S. gasoline costs.
- Nova Safo notes under 100 U.S.-qualified domestic ships exist and analysts expect only a few cents per gallon decline, mainly in ship-reliant regions.
Middle East Conflict Drove Oil Above $100
- Middle East attacks pushed oil to about $115 a barrel and U.S. gas averages rose to $3.88 per gallon.
- Nova Safo highlights Iran and Qatar/Saudi infrastructure strikes plus President Trump's warnings as drivers of the surge.
Fed Takes Wait And See Approach
- The Federal Reserve paused rate moves and signaled uncertainty about future cuts because of Middle East risks.
- Nancy Marshall-Genzer reports Jerome Powell used "wait and see" repeatedly and the dot plot showed one cut penciled in for the year.