the coronavirus pandemic has turned much of our world upside down including the oil market this week for the 1st time ever the price for a barrel of crude fell below 0 would just like the walk downs the oil price collapse it too will eventually pass now we're getting a glimpse of the future when the wife blood of the global economy will no longer be measured in barrels tonight going from black to green a dream come true that feels like a nightmare i'm bord off in berlin this is the day. so if you take a look at it you'll see it's more of a financial thing than a normal situation. there's.

no demand. b.s. the huge. oil that is going to stories right now probably seen quite the bottom in. a where we haven't quite seen. we're going to be in this old pete over supply situation. i have to say in all seriousness that the collapse in oil prices is a danger for the global economy. certainly a playboy. also coming up another victim of the virus but there will be no drowning of tears in beer for 2020 the munich october fest is tapped out. it is painful for us it's

a great pity because with many things this is not a normal year and this is something. it's the system. and to our viewers on p.b.s. in the united states and all around the world welcome we begin the day with the unexpected and unintended consequences of battling the coronavirus much about our world at the moment can be described as unexpected almost accidental who would have imagined just a few months ago that we would all be living in lock downs working from home or losing our jobs altogether our world tonight requires a lot less fuel and energy now that drop has been dramatic sending the oil industry into an unprecedented crisis yesterday the price for crude oil went negative falling below 0 for the 1st time ever and in the 1st analysis we're hearing that this should be temporary demand and oil prices will climb again how long will that

take and what will happen between now and then our coverage starts with this report . when its planes aren't flying and it's ready to roll that. the u.s. can at least lay claim to one thing we certainly have plenty of oil. in fact far too much of it the president tried to calm nerves after the value of u.s. crude went negative for the 1st time ever on monday at one point reaching minus $40.00 a barrel in a month or so that it would go a little bit it's at $25.00 and $28.00 or so it's largely a financial squeeze and they did get squeezed the day traders who found themselves on monday under heavy pressure to sell off their created futures the rising cost of holding the all in the u.s. is dwindling storage facilities means keeping it is becoming too expensive. there's so little space for it left the u.s.

government is planning to fill up its reserves. i think we have 75000000000 gallons right now capacity that's a lot it's we've been building it up over a period of 10 but that's a lot 75000000000 barrels. so we're going to get either ask for permission to buy it or we'll store it one way or the other it will be full but what is most needed is a return in demand brought by restart to the u.s. economy then they owe that continues to be pumped as unbroken pace can actually have enough places to go over more tonight i'm joined by ellen wald ellen is a global energy analyst she's written extensively about the global oil market that includes her book saudi inc owen joins me from jacksonville florida tonight welcome back to the day you know you wrote today in forbes that we may have been shocked by the negative price for oil yesterday but we should be very worried about what has

happened to the price today why. oh yesterday was as the president said it was as i say a financial fluke is that what happened was that it seem counterintuitive it just meant that the storage prices were too high for sellers to sell oil for major livery for positive prices so it looked like oil has a value but that's not actually the case well does still have value 0 we're seeing today was a dramatic drop in the price of. brant which is the international benchmark for june delivery and so that really puts and calls into question the health and the future both of you know market but also oil demand the highest you're starting to hear that economies are planning to open now but the question is how much will that actually increase demand and given how much oil is be put into storage now

will anyone want well for a few months and then that spills into july and that's what we could really see depressed oil prices continue like yeah i would hate to be a shill company in the u.s. right now i mean these companies they have frakt themselves deep into debt how in the world are they going to survive this. well what was interesting about this shell oil industry is that it is made up of so many different companies and every company has its own situation has its own contracts some companies have long term contracts some had one term contracts that are being canceled those companies are more likely to have to fold or go into even clear to or even to clarify plasty but other other companies have access to pipelines have atthis just storage there is still storage a bailable of it's just been spoken for so it really depends on the company and so there's and it's very difficult to say for sure how this situation well fed the

industry as a whole but we can say that serves some companies we don't know which ones will be facing difficult situations there will be layoffs it will have to set and well as difficult as that is and that means there will be difficulties in the future getting to restart it and there will be bankruptcy closures ella do you see this this pandemic as a sea change in the energy market and we are we looking at a a world before corona that was all about oil after corona is all about sustainable but the transition time is looking like it's going to be totally chaotic. well i do think that there is still an appetite to transition to clean our energies and there's been a lot of talk about how great the atmosphere looks people not driving and that and planes not flying but the shoes of the matter is that people want to get back to

work and they need to support their families this is watching ryan and a lot of that activity wires fossil fuel still so i think the question is really how long will the recovery take and what kind of shape will the recovery tape to see a pickup in demand and that could be a very lengthy process and in fact could still even to this drive towards more sustainable energy is so it really is a question more of the pace of recovery i think they have renewable energies taking her do you do you think in the do you think we'll ever see a time again when crude will be you know $100.00 a barrel. well the big question is i do think we'll see much higher fuel prices in the future particularly if more and more oil production is shut in what we're seeing now is a vast to have money that is not being spent on developing future resource and in

your it every company has slashed half acts and so because we will still need crude oil in the future that means that only to come the companies or the countries that have invested in those resources and the future are going to have that available so there will be a supply crunch question is really when right ellen will joining us john from jacksonville florida to talk about this you know this volatile energy market at the moment as always we appreciate your insights thank you. as much of the world desperately wants to begin entering that post corona era we are being reminded painfully reminded that this pandemic will be our reality for some time to come that pain has a special sting tonight in bavaria germany today the government in bavaria made official what people have suspected and dreaded there will be no october fest this

year the world's largest beer festival where $6000000.00 people sit together elbow an elbow wearing later hose and drinking beer and singing songs that festival unfortunately would be a playground for the coronavirus. no crowded party tents no giant mugs of beer. no packed out festival site fest has been canceled for the 1st time since world war 2 about $6000000.00 visitors flock to the world's biggest beer festival every year. but this year the famous be a tense will not go up this is the sites where the profess takes place to be a tense replaced by white tents where people can be tested for covert 19 this year everything is different in munich. the october face is a time to have fun and let your head down that's exactly what munich needs at the

moment so it's a real pity. i think it's the right thing to do 1st it's a real shame not to meet friends and family we live just around the corner we love going with the kids. officials in munich said they had no other choice than to cancel the october fest saying the risk of infection joining the coronavirus pandemic is simply too high. which is painful for us it's a great pity because with many things this is not a normal year this is suddenly going to be a year with the 1st. cancellation of the event it's not only sad news for the city it also means big financial losses. it's. october fast has a value of roughly 1500000000 phonemic and many people profit from it and it's not just those stocks who profess it's the people who serve beer fag round workers more

souvenir shops it's also hotels restaurants to reach out and taxi drivers to. cd it's hard to imagine munich without the october fest the countdown now begins for 2021 when the next october fest will hopefully take place. well joining me tonight is martin karata he's a marketing consultant who has worked on both sides of the atlantic in advertising and global brand marketing he has spent the last decade in munich and that is where he is tonight martin welcome to the day our job or 1st one of the best known cultural events in the world the last time it was canceled the world was at war i mean what does what does this cancellation what does it mean for munich. well what it means for munich is it is pretty serious i mean you we've just heard a lot of the cigarettes what it costs 1300000000 in lost revenue.

you know 6000000 visitors aren't coming again but i think that one of the things that it really fails to capture when you just look at the figures alone is the sheer scale of the transformation of the city the october fest grounds my office used to have an office across the street in the terezín and we would see the tents going up not really tents they're actually bare holes that have to be built to permanent standard building codes and that would start in july and just the enormity of it all and how the city transforms at the time and that's going to be sorely missed in a conservative city like munich things could really use that that energy you tweeted today that the cancellation shows just how fragile the experience economy is and talk to me about the experience economy and what why is it so fragile. well as the developed world got richer and richer more of our material needs were

met you know most of us need food toilet paper sometimes a car things like that now those in needs that don't go away unless something absolutely drastic happens to change our lives and so it's a much more reliable source of income for the businesses which serve those material needs to count on. but then as our material needs were satisfied we tend we have now tended to seek if you want to call them higher but more intangible it's the fulfilment interest entertainment amusement all those things and that is highly discretionary so the growing sector of the global economy has been in services now there are some services that we all buy that are not elastic you have to call a plumber you have to get health care but those bits that are discretionary which

is travel entertainment so that service eating out as opposed to cooking at home those things you can actually do without as these months and weeks improved so that economy which is growing a lot is very fragile that germany is in a bit of a better and in a bit of a better position on that than many other countries around the world the united states economy for example is 80 percent services germany is only 68 percent and that you know again that's a lot of people criticize the german economy for that not being sufficiently modern in that sense but now we're going to suffer a bit less but will still be suffering because of the emphasis on services and morrow at the kona let me ask you some models have us living with social distancing well into the year 2022 we're being conditioned right now to avoid crowds how do events such as october fest or amusement parks i'm thinking of disney world for example how do they entice the public to return are we looking at

a massive rebranding that's going to have to take place. well one of the things that will determine the success of maintaining those brands over the time of the close is to move far up what marketers call the purchase funnel right now these tourism operators sneeze into tens of greatness and been trading off of the good review on trip advisor office but what they're going to have to do is not talk to the people who are actively searching for travel but maintain the awareness of the destination so that when it's possible to travel again or to visit these entertainment venues then that will be top of mind or at the very least easily recalled so what marketers are going to have to do if you are in the entertainment and culture area if you're going to have to move out of using you know what they call conversion marketing tools you know offering discounts or making

a deal and just actually talk more about what it is that you stand for and maintain that to the best of your ability as a marketer for the period of time until normal life can return that's the that's the 1st thing necessary and 2nd what's necessary to do after that is to remember that you're not going to be able to maintain the same margin on these things margin you know varia particularly and it's the same around the world martin has been moving out market. fortunately martin we're out of time but it's fascinating talking with you about what the experience economy is going to yeah experience in the next year or 2 martin caressa joining us tonight from munich martin thank you thank you. the white house lost valuable time because that office wasn't disbanded what do you make of that well i just think it's a nasty question what you say to america are watching you right now who are scared

i say that you're a terrible reporter that's what i say. what do you say to americans who are upset with you over the way you downplayed this crisis over the last couple of months it's people like you and c.n.n. that say things like that you could ask a normal question time that. you know you're a fake you know that your whole network the way you cover it is fake. we're we've asked them to accelerate whatever they're doing in terms of a vaccine i guess i'm doing ok because to the best i'm a knowledge of the president of the united states despite the things that are said well it didn't take us long to assemble those examples of us president double drawn to washing out against the media during white house press briefings donald trump won an election doing just that and his hostility towards journalists well the hostility has not let up today the media watchdog reporters without borders sounded

the alarm strongarm leaders it says are now using the fear and restrictions of the pandemic to silence a critical and free press in its annual press freedom index released today reporters without borders ranks the united states number 45 just above new guinea and that means media freedoms are satisfactory press freedoms are faring best in the nordic countries. now let's take this story now to my colleague our washington d.c. bureau chief alexander phenomena good evening to you alexandra for much of his presidency donald trump has not been available to reporters there were almost no white house press conferences until last month when drunk began these daily coronavirus briefings is a change yes but can we speak of a positive change for journalists while at least we have a chance to ask him questions but you know it's always you have to be prepared for

anything because anything can happen during those briefings and that's actually what i'm sinking when thinking when i take a seat in the briefing room because i attended a couple of those briefings and you never know in which move the president is is he mad at us journalists for whatever reason or is he in the mood to talk and answer questions like 2 weeks ago when i he called on me and i was able to ask to international questions and he on set then but then there are cases like the one we saw in that clip when he goes off to join a list asking legitimate questions and he attacks them and that's of course not what these briefings are about it's but then of course you know that up to 12000000 people are watching so you just try to keep to be cool and to do a huge job you have to do your job but what does it mean for your job when you're sitting in that room and an aggressive president is shouting and standing just

meters away what does it do to the work that you're trying to do. well as i said you just have to be prepared and you know that he can you know like pretend not to hear you question because he doesn't like you question what like it happens to me once or that he goes off to you and criticize us terrible reporter asking nasty questions but that's of course what we should be prepared for and because it's important for us to do our job you or president or viewers don't know your president the white house for in the press group you do foreign journalists reporting on this white house do they face challenges that did not in pounds did ministry or what have you heard. here well actually there have been 2 incidents that i had to deal with the president of the foreign press group in the

white house. had to do with the chinese reporters don't get me wrong we all know that there is no freedom of the press in china and that even chinese reporters working abroad are being money towards and censored presumably but those to join the list have fell of credentials giving them 247 access to the white house and actually the wire to us was has been so far eager to have them there. during 2 briefings stay off the questions and the president went up to them asking them whether they work for the chinese government and often that right wing activists and right wing media went after them on twitter on social media and one of the reporters getting death threats and that's of course something that shouldn't happen and that's of course have to be seen in the context of growing

anti china sentiment in the you asked and in context of the reelection campaigns campaign that. believe that it's good for president trying to be tough on china right now people forget the white house also approves the accreditation of the journalist sitting in that room so it's not like the chinese journalists are there under cover i want to ask you before we run out of time many people say that trumps daily briefings should no longer be aired live they say that we're giving him a platform to spread propaganda and lies should these briefings should they be taken off the air no i don't think so i think it's important that they continue that the american people can have a listen and that we as journalists have a chance to ask questions and to confront president trump what his false statements and even straight out lies sometimes all right our washington bureau chief

alexander of the nominees she's fighting the good fight for words there in the u.s. capitol alexanders always good talking with you thank you. arts and culture have been hit hard by the lockdowns performances all over the world they've been cancelled but now the belly dancers at the paris offer they have made a video while in quarantine they say it's their way of thanking all the health workers on the frontline of the pandemic will leave you now with their wonderful choreography thanks for watching and if remember whatever happens between now and then tomorrow is another day we'll see that.

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devastate entire villages and farmland farmers are taking measures to protect themselves from flooding. and we hear about thousands of people in japan.