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This is the Cato Daily Podcast for Wednesday, May 19th, 2021. I'm Caleb Brown.

Last week's shock to oil markets driven by a pipeline ransomware attack highlights the freedom

people and businesses need to nimbly respond to economic

disruption. For millions of Americans, however, the Jones Act stands in the way of dealing

with sudden shocks to our ability to transport goods, especially

oil.

Cato's Colin Graybough explains.

Colin, the Jones Act strictly regulates the ability of Puerto Ricans and others to engage in commerce with the mainland

United States.

So when have we seen any kind of temporary waiver for the Jones Act?

Over, I'd say the last 20 years, we've seen a number of temporary waivers issued for the Jones Act. These have typically been in response

to natural disasters such as hurricanes, Hurricane Katrina for example in 2005, and then also Hurricane Sandy, I believe in 2012.

And then five years later we saw some after hurricanes, Harvey, Irma, and Maria in 2017.

In addition to those waivers, we've seen a few given for more strict national security reasons.

I'm thinking particularly of there was a drawdown of the

Strategic Petroleum Reserve after the military action that took place in

...