both the conflict on the states of this area remain on resolved. we heard from a former german lawmaker marks in those who says to heat up this frozen conflict route to an escalation against russia. a escalation, the population of my go and off trans missed you know, for sure. they wanted peace and they don't want to be in you a wall, which is a, mainly by the u. s. and it's again, some escalation against russia. it's a dilemma because if you don't buy your own and you have contact us, which address which one to further for escalation, we have a situation where i'm certain actors try to. ready

a frozen conflict like the conflict in moldova. what i think is a very good idea, what is happening already? how to find as well in the united nations like the country. so like, it's like china like the south american, like the african countries and other countries who as well one piece and to know and save all escalation, policy like that. well, a new out of process in to european union member states. major cities in greece, faith violence classes, a police aah! quick and private sector workers walked out to the union organized 24 hour general strike to protest twice likes, rallies,

all being described as the biggest since 2015 when greece received. and if you pay that far from the e, u at the i m f, they come now as greece is grappling with an inflation rate of 12 percent of the highest in the euro's. that product is white. the greek economy being full cost to grow by 5.3 percent. thanks to stronger than expected tourism now will strike this, disrupted public services around the country, including ferries to greece. many iras. i'm cool school closures, i'm starving shortages in hospitals. now metro stations will close and bosses taxes and really services will cut rental car agencies will hounded with people eager to secure transport a while in belgium, people flocks to the people, to the feet for a strike to protest against higher living costs. as this time, those only one mentioned, i'm working in brussels on the countries,

railways and foot have significantly reduced services, was main workers. union says gas prices have risen 130 percent. and the union demands extremely measures from the government. here is what some of the demonstrators have to say. since the government cannot do anything without europe, it should go and shake up europe. the price of electricity must be the couple from the price of gas. i know this will not solve the whole problem, but it will solve a large part of it because the price is artificial. there is no technical reason for the price of electricity to be so high. when many people in our country have green electricity, or even nuclear electricity, which is much cheaper real. today we got together, where on a general strike because people come pay the bills any more and we can put up with those who are making x less profit. the shareholders and making a lot of money and there are workers who are struggling to get through the month. nowadays, we don't just have to struggle to live. we have to struggle to survive. this is

unacceptable for us as a trade union organization. we had to stand by the workers and organize this and people today we got together. we're on the general strike because people come pay the bills anymore and we come put up with those who are making excess profits. the shareholders are making a lot of money and there are workers who are struggling to get through the month. nowadays, we don't just have to struggle to live. we have to struggle to survive. this is unacceptable for us is a trade union organization. we had to stand by the workers and organized this and what i said to the middle east and the french cartoon depicting the contrary national football team and paris. i've parish, i say, i have spoken tensions between the countries. just links people in the least in the house. this is christy, just one moment. clear examples of the racist xenophobic and hate filled european cartoons both in 19402022. haven't they learned anything from their long, grim,

ultra nationalist and colonialist history? crickets, cutoff is set to host, so the football will comp solving later this month. the country has had to defend itself from several western media controversies in the run up to the tournament, including about condition for workers who are building infrastructure. we discuss the dispute about the call to the political ex, what, how late i'll cut that. just expect that scene is the new supremacy of, of european, you know, they have here recently the highest. what did they get together in european union saying that europe the civilized dublin and was that it was that, that just them. so the start doing is brought to portray by the economist when people this is how things like that. you may have

seen this, we have not the 1st time the facial land that even the highest figure is on the one from mama. so it's the same. i think the primacy racism is they look at, i would say your timing of someone who are supposed to be on the bunk, the blind europe with a gun and no one will not be as equal. so with the full good, what do you want you to go back in history with a controversy as calm as fraud as vain doing increasingly more business with us are particularly with frank old dr. total energy becoming the middle eastern countries. first form partner and a multi $1000000000.00 liquefied natural gas project. cars are,

is one of the largest suppliers of natural gas see europe. and the countries, dempsey prime minister says it looks hypocritical of france to push for energy corporation, while one of its media outlets, holes insults. we are annoyed by the double standards on the one hand, the german population is misinformed by government politicians. on the other hand, the government has no problem with us when it comes to energy partnerships or investments. we can't understand that. it is ironic that this tone is used in countries in europe. they call themselves liberal democracies. just maybe it's a political gunther. i'm and this is a very popular thing because this again, i'm so that's why they want the oil and gas supply and investment. why in the meantime, they wants to know, as you say, the supply and demand. so this shows how

and how they're going to send them the worst that they'll maybe maybe we should have. maybe we should have a doctors, like i said all the time, but some of them are the nation water. a while of all for this hour will be back in just over 20 minutes. so with energy price, they're sorry, and it's not just oil. natural gas, that's 700 percent since the started last year. and it's quickly becoming the

driving force that shape geo politics. today. i'm christy i and you're watching the cost of everything. today. we'll take a look at why the cost of oil is storing around the world and what it will take to finally bring prices back down. i use natural gas used to be a sleepy commodity, but now many countries have actually turned to natural gas as a part of a transition to cleaner energy. 44 countries imported l n g last year, almost twice as many as a decade ago. and the rising cost is one of the main reasons why inflation just hit a fresh record in europe. germany had to cut natural gas consumption and instead increase the burning of coal in recent months as gas problem rushes gas firm even before the northern stream sabotaged, announce that it was cutting gas supply through the north stream one pipeline due

to technical problems. so in order to make up the shortfall in its energy supplies, jeremy restarted coal plants and they aren't the only ones. austria, italy, and the netherlands are all resurrecting coal as gas supplies dwindled. so despite europe, finger wagging a china and india for not cutting carbon emissions enough, they're actually now in the same boat as clean energy tech is simply not mature enough to supply all of the excess demand. coal usage is now up 51 percent from a year ago in europe. so the pot calling the kettle black, seeing as europe was so quick to condemn china and india at the paris agreement were not cutting, cold, aggressively. age. on the other hand, it's now becoming the default market for russian oil without western buyers. russia has been forced to drop their prices significantly and cut deals in order to move it oil inventory, and who doesn't love a good deal? yes, asian buyers have been the main beneficiaries of the conflict in eastern europe,

china and india. they've taken a record amount of russian crude after the u. s. u k, and the e. u rolled out sanctions against moscow. so let's talk about china, where china's crude imports from russia sword and may lifting purchases to nearly 7 and a half $1000000000.00, which is double the amount of a year ago. displacing saudi arabia as the top supplier, custom data show that the oil was purchased at an average price of $93.00 a barrel last month, which is about $17.00 cheaper than the imports from saudi arabia during the same time period. meanwhile, and india is also talking to russia about ramping up its oil purchases at a considerable discount based on current crude prices. it will represent about a 20 percent discount. india imports a to 85 percent of its oil. so discount like this would be a huge win. and with today's government of india it's motivations are more economic and political. so the benefits of cheap oil outweigh the pressures from the west.

but remember, when it comes to the cost of oil, none of this is natural. it's all self sanctioning. there isn't an oil shortage from a commodity standpoint. it's simply people not picking up oil and bank not providing credit because they don't like the country selling it. they don't want to buy from russia because the west is trying to punish moscow economically. but self sanctioning is a double edge sword, and consumers and businesses in the west are feeling punishment of higher prices. oil prices are now around 80 percent higher than they were a year ago. so let's go deeper on this and bring in bob i, a chino co founder chief market strategist at past trading partners. so bob, you have your opinions turning back and refining a coal plants again to plug up the shortfall in energy these days. how big is the short fall in energy and why can't renewable energy take its place? well, it's a combination of things. first of all,

renewable energy is nowhere near ready to take the place of the energy needs and the e, you are really anywhere else for that matter. for example, take germany according to most reports, they've pledged to roll out renewable energy at a much more aggressive rate than a lot of the other countries in the u. their natural gas usage, however, only fell by about 6 percent from 2020 to 2021. now that's not as aggressive as you might say, from the rhetoric coming out of germany. by some estimates. russia accounts for 35 to 50 percent of the natural gas that goes into germany. so obviously the disparity there is between the seasons right? between somewhere between heating homes, some estimates say that 50 percent of homes get heated in germany with russia natural gas. so the short ball is not only a matter of the transition being too quick, but obviously with the some might say, unforeseen conflict between russia and ukraine. this is

a bigger shortfall than it otherwise would have been. but the transition to green energy is really the reason for the core of the problem. so do you think that renewable energy will ever be as cost efficient as traditional fossil fuel? or are we still a long ways off from that? why yes, the answer to that is, yes, it will eventually be as cost efficient as fossil fuel. any answer is also yes, we're a long, long way from that. even electric vehicles, for example, replacing internal combustion engines in the us, you would not have the percentage of the market taken up by electric vehicles. had it not been for government subsidies. some people might say that the government giving you back your own money to buy a better technology, but it's not even really a better technology yet. for example, if you were to drive from florida where i am to chicago, where i am from, it would take $4.00 to $5.00 days in the highest performing electric vehicles versus a day and

a half in an internal combustion engine. so while those are some of the more advanced green sort of products that we have out there, you're still not matching fossil fuel products in fossil fuel vehicles. so from that perspective, when you're looking at renewables, it is likely the future one way or the other. but we are a long way from a being an affordable future from us consumers. it seems like absolute hypocrisy actually when just a few months ago, europe was berating china and india for being non committal with their carbon pledges. so now that europe has back tracked, are we seeing any backlash on them? well, i guess it depends on who you ask. if you think about the backlash, the group of people that whose main priority is to reduce the effect of human carbon emissions on climate change. that group with larger when gasoline prices were at $250.00 a gallon. and when natural gas prices were back in their normal, acceptable, reasonable range, as those prices go up,

that block of people who again, that is their number one concern shrinks and it shrink significantly. and it shows you again how comfort in your day to day life and kind of breed this all truism. so when you look at it from that perspective, yes, there's backlash. that was probably not as large as it would be. had the prices been at what people again consider to be more of a reasonable rate. and this is again the problem with the bass transition and you might not even call it faster when you look at some of the estimates. the paris basically said that they're going to reduce the global communities, are committed to reducing carbon emissions by about 20 percent. but when you look at the individual government targets, it only reaches about 11 percent. this is by 2030, so the backlash has been there. but probably not as strong as it otherwise would have been other than that, our other sources of fuel going to see the light of day france relies heavily on

nuclear energy will nuclear c, a resurgence in europe? so i guess i have 2 answers. that number one, i hope so, is my 1st answer and number 2, it really depends on the sort of political commitment to an actual, concise and comprehensive energy strategy, not just in the u. s. not just in the u, but globally, to me. when you look at the makeup of nuclear energy, it's probably the perfect transition fuel. if you want to get off carbon and onto green as green technologies, fully green as green technologies get better and better and better. and that will happen, you know, technological advances happen very slowly and then all at once we've seen that over the decades. so from a perspective of that, nuclear is probably the perfect solution because it's clean. some people perceive it as dangerous. it's been on the decline since the let's call it a disaster and fukushima. but really some of the technological masses and nuclear

make it a lot more possible used to have somewhere in the range of a 15 to 20 year lead time on nuclear power plants. because of some of the smaller plants that are being built now, that shrunk from more to 7 to 10 years from that 15 to 20. but it's going to take government commitments to purchase that energy to purchase that nuclear power driven electricity. if companies don't get that commitment, they won't commit to capital to building these things. so unfortunately, getting to nuclear is a public, private achievement. if it were to happen and the public has to get behind it and that needs a comprehensive energy policy, which we haven't seen in many of the major economies in quite a long time. that's bob i, chino co founder chief market started as at path train partner. thank you so much for joining us today. when we return, even though there is a push for renewable energy, the reality is free energy is not even close to being ready to power. the real

world also feels are here to sag. not have more of the rain ah, ah, [000:00:00;00] a proud disdain because they have an engagement equals the trail. when so many find themselves worlds of warren, we choose to look for common ground.

ah, welcome back. when we talk about the cost of energy, there is one critically important fact that to keep in mind, every nation relies on energy not just to expand, but simply to exist. what we measure g d p. today we look at things like the number of cars sold or the number of air trucks, people make, corporate world, new construction, etc. but all that still relies on energy, whether it's thermal renewable oil. so setting politics aside, fossil fuel is here to stay, at least in the intermediate future until renewable energy becomes more reliable and readily available. so let's dive deeper with dr. richer wolf, professor of economics, professor wolf. how do you think africa can transition to clean energy when they are already suffering from energy poverty, with many, still not even having access to a modern grid?

well, you know, there are many examples in history where a society deemed economically less advance was able to catch up because it could jump over intermediate steps. i remember once talking to a friend of mine in italy who explained that they never went through a modern really well developed postal system. they just don't jump from their under develop postal system right up into email and one half and all the other electronic ways of communicating. and they are by caught up if you like. and even in the sense over took other parts of the world. and it's a kind of borrowing from one part of the world to another. but for africa is the issue. they have access to the sun, a lot of it,

solar energy for them can move them up in the realm of, of energy, accessibility, energy availability, and also cost because enormous advances in solar energy has been going on and continue to go on. so while i agree with you, that fossil fuels are not something you can do away with overnight, and indeed are things that modern society provokes the need for. it is also true that other forms not fossil fuel based, are available, are becoming more accessible, more affordable. and i think africa will be in a position to take advantage of that. if they get the finances to make that possible. and now countries are all trying to rain in the rising cost of energy. the u. s. is once again trying to push legislation down the no peck act as an answer to opec. do you think this has any legs and what are the possible repercussions by the oil market?

well, and my guess is it won't. and i, and the reason for that is because i believe a good point of the political logic around the war in the ukraine is aid displaced form of oil politics um oil and gas politics if you want. and that the benefits that have accrued from the war for oil and gas companies. and the i recently took a look at the just the share price of x on mobile. you know, it's doubled in the last year a lot less than a year. ah, it's a wonderful time to be in the oil and gas business around the world. the lesson of that is lost on absolutely no one in that business. and given the tensions rising in the world, given the role of the growing bricks,

part of the world that does rely on fossil fuels and is not about to make a shift that has their side effect, of making them in a poor position because they're not as far along in the transition to renewables, etc, etc. i think you're going to see a continuation of relying on fossil fuels and a very hard row for any activity in any country that under cuts that i it will be offset by other developments because the forces that make that possible are still strong enough to do that and do you think that the interest in breaks from a lot of the developing nations does i have anything to do with the interest in access to cheaper source as a fuel? and is the 3rd world rebelling against the green agenda? i think there's elements of that rebellion we've seen that for years of india and china have had

a solidarity around those questions that is older even than the bricks. ment, i think the recent information we're getting that bricks is about to expand on the list of countries is remarkable. not just iran, as you might have expected, but saudi arabia, but also countries like turkey and argentina. the growing interest in griggs means that all of the energy politics that used to have to do with lee advanced west and china and india are now going to see a very important growth. if these countries that i just mentioned joined the brick that will be more than half the population of this planet and no amount of india logic goal propaganda is going to change the fact that the whole center of gravity around all of these questions is in the process of being changed

and the irony, if i can return for a moment to it, is that the ukraine, which was supposed to be a war, i mean there are supposed to be some sort of holding on to something that existed before is in fact, like other wars having the unintended consequence, at least in the last unintended of solidifying the growth and the emergence of what simply is another center of the world economy. professor richard was always a pleasure. thank you so much for your time. ah, when it comes to the cost of energy, there will always be winners and losers. and while we spend most of our time today discussing higher oil prices, let's not forget that the market is a 0 sum game and one person's loss is another person's game as much as we hate to

admit it. so who wins when the cost of n genius high? oh, well you has a global oil, a giant recording, some of their best profit figures in decades. and at the very top, saudi aramco, the world's largest oil company report, and more than an 80 percent growth in its profit. in the march quarter. oil majors like exxon chevron, shell, petro china, have all reported year over year earning growth of 80 to 250 percent. and the other big winner here, our shipping transports and container carriers. these guys, in the 3rd quarter of 2021 reported an average operating profit margin of over 56 percent up from just 3.7 just 2 years earlier. so the logistics industry is currently experiencing the highest constant peak increase cost and with the ongoing conflict with ukraine and rising oil prices. the price of bunker fuel is expected to search, possibly driving up freight rates again in the coming months. and the meanwhile, the biggest losers, unfortunately, are the citizens of these countries,

such as germany and belgium, who are now turning to wood as a heating source. this winter, as gas applies, remain tight. but unfortunately, the price of firewood has now risen from $40.00 euro's and 2021 to around a 150 year olds and thumb regions. so why does that leave us? where will we be 3 to 4 months from now? i really don't see any resolution here, as i think the oil market will continue to remain tight. my prediction is that by this winter we will see the price of oil around $125.00 to $130.00 a barrel. thank you for watching. i'm christy, i of see you next time for the cost of everything. ah

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