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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.

Carbon Neutral Bitcoin and Ethereum ETPs Listed on Swiss Exchange

Cory Russell

Apr 12, 2022 10:43

The two new ETPs on SIX are Bitcoin Zero (BTCO2) and Ether Zero (ETH2O).


The ETPs are the product of a campaign known as "Crypto becomes carbon neutral."


The debut took place at a time when the stock market was in free collapse.


While the crypto market and the stock market are two distinct things, investors can't seem to get enough of both. As a consequence, we are seeing the emergence of Exchange Traded Products (ETPs) (ETPs).


People desire something more sustainable even inside these ETPs, and carbon-neutral ETPs have been designed to meet that need.

Crypto Becomes Carbon Neutral

The influence of crypto on the environment has been a long-debated matter, with no clear answer in sight.


To put a stop to this, the European Union nearly outright outlawed proof of work, but the majority of members voted against it, saving Bitcoin, Ethereum, and other (PoW) cryptocurrencies.


Other businesses, on the other hand, are still attempting to become carbon-neutral, as did an ETP provider for the stock market.


In collaboration with the Swiss FinTech Innovation Lab of the Institute for Banking and Finance at the University of Zurich, Helveteq, a Swiss issuer of ESG-transparent investment products, launched the research-based project "Crypto becomes carbon neutral."


The two ETPs, Bitcoin Zero (BTCO2) and Ether Zero (ETHZ), were born from it (ETH2O).


"It is time to give investors the first carbon neutral crypto ETPs from a Swiss issuer," Dr. Christian Katz, the CEO of Helveteq, said. The relationship between the environment and the blockchain economy is becoming more widely recognized, and we must all work together to create long-term solutions."


These ETPs will be added to SIX's pool of 240 other investment products.

Perhaps Now Isn't the Best Time?

The introduction of the ETPs, which was announced today, was not the best timing given the current state of the crypto market. The market has lost more than $122 billion in total, forming a 6.25 percent long red candle.


However, even before today, the overall market capitalization had fallen below $2 trillion, and is at $1.841 trillion. As a result, there's a significant likelihood that this will have a detrimental impact on the launch of these ETPs.

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