Jones Act changes unlikely: PES chief

摘要

US shipping laws that disadvantage Atlantic coast refiners are unlikely to change, said Philip Rinaldi, chief executive of Philadelphia Energy Solutions (PES), the region’s largest refinery. Rinaldi said he had “no expectation” for changes to the Jones Act, which makes waterborne movements between US ports more expensive by requiring US-crewed and flagged vessels. Congress had an opportunity to change it in December when it lifted restrictions on crude exports, Rinaldi said on the sidelines of the IHS CeraWeek conference in Houston. Either lifting the requirement or having foreign companies use Jones Act vessels would have put east coast refiners at parity with foreign competitors for shipping costs to access US crude by sea. But there was no such commitment in the legislation.