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The total number of oil rigs in the United States for the week ending September 11 will be released in ten minutes.The total number of oil rigs in the United States for the week ending September 11 will be released in ten minutes.September 12 (Reuters) - The White House is exploring the use of the Defense Production Act to expand U.S. refining capacity as the U.S.-Iran conflict exposes the vulnerability of the U.S. to global oil supply disruptions and soaring prices. The proposal was recently discussed in a meeting between Trump and nearly 12 U.S. refiners, but no final decision has been made. Refining executives told the government that federal funds are better suited for improving the efficiency of existing refineries or expanding existing facilities, rather than building new, more expensive, and time-consuming refineries. Latest data shows that U.S. refinery utilization is at 98%, nearing full capacity. The national average price of diesel has surpassed $6 per gallon for the first time, and gasoline prices remain high. The White House stated that expanding refining capacity is a priority for Trump and his energy team, and they are currently evaluating specific options such as regulatory reform, expedited approvals, and increased investment.According to Saudi media Alhadath: Sources say that Houthi forces in Yemen were subjected to heavy artillery fire in the Zubab region.On September 12th, CNN, citing two US officials, reported that Saudi Arabias crucial East-West oil pipeline system was attacked by projectiles on Thursday. Preliminary analysis indicates that pumping stations adjacent to the pipeline were hit; satellite images show one pumping station severely damaged by a fire, while another experienced a smaller fire and emitted thick smoke. It is currently unclear who was responsible for the attack, whether the pipeline itself was damaged, and the time required for repairs. A US official stated that the drone that carried out the attack originated from Iraq. The East-West oil pipeline has become increasingly important since the outbreak of the Iraq War. Due to Irans de facto closure of the Strait of Hormuz, Saudi Arabia has diverted approximately 5 million barrels per day of crude oil originally destined for the Persian Gulf to the Red Sea port of Yanbu via this pipeline. Meanwhile, the Houthi rebels have declared their intention to strike any Saudi vessels attempting to pass through the Bab el-Mandeb Strait, putting this alternative oil export route at risk.

Crypto lender Voyager Digital gets approval to return $270 million to customers

Alice Wang

Aug 05, 2022 15:16

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Voyager Digital Holdings Inc., a cryptocurrency company, has been granted permission by the U.S. Bankruptcy Court in New York to restore $270 million in client funds, the Wall Street Journal reported on Thursday.


Voyager Digital Holdings Inc., a cryptocurrency company, has been granted permission by the US Bankruptcy Court in New York to restore $270 million in client funds, the Wall Street Journal reported on Thursday.


According to the Journal, Judge Michael Wiles, who is in charge of Voyager's bankruptcy, said the firm had "sufficient grounds" to back up its claim that clients should be given access to the custodial account kept at Metropolitan Commercial Bank.


The business did not immediately respond to requests for comment.


Voyager, one of several businesses that struggled after the widespread turbulence on the cryptocurrency market, filed for Chapter 11 last month.


Voyager reported that it had between $1 billion and $10 billion in assets and liabilities, as well as over 100,000 creditors, in its bankruptcy case.


The Federal Reserve and the Federal Deposit Insurance Corp (FDIC) issued an injunction to the firm last week directing it to stop making "false and misleading" promises about the government's protection of its clients' cash.


The firm only had a bank account at Metropolitan Commercial Bank, according to the authorities, and none of the investors using its platform were covered by the FDIC.


During the COVID-19 epidemic, cryptocurrency lenders like Voyager saw a surge in business, luring depositors with high interest rates and convenient access to loans that conventional banks seldom ever gave. Lenders have suffered from the recent decline in cryptocurrency markets, which was brought on by the failure of two significant tokens in May.

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