what only really control is their own school yard as well. they can't even really agree on how to do that. we're learning today from the hungarian foreign minister that they can't agree on a feeling for natural gas. and major divisions have also merged with the european union over this russian oil price tax bulgaria hungry vacuum. the czech republic, estonia, poland, and latvia threatened to veto it for the e. u, arguing that the cap price will be set so high that it's pretty much useless today . russian oil is trading, it's 77.7 dollars down already from $81.00 without any cap, which the us argue needed to be higher than what you initially wanted. and that's to avoid a major global oil market disruption. russia, deputy prime minister alexander, go back, has said that any customer implementing a cap won't get oil. now the whole idea of a cap was cooked up in the 1st place. we came the g 7 and the unelected youth

commission bureaucrats. and it's supposed to be implemented starting december 1st. now on that day the you was supposed to totally ban russian oil imports. and there are g 7 allies. they're supposed to stick to the cap, right. but get us treasury was already issued permits, allowing us firms to continue to provide maritime transport of russian oil including you countries like all gary of croatia and other e u. member of state. as long as they abide by the pride cap, so much for all that public height from the you about banning russian oil from the you. the idea of course, is to deprive russian president vladimir putin of cash. they keep talking like they're hitting him personally, right in the pocket book, which frankly, is much more ridiculous than the idea of hitting the russian economy when the g 7 and you for that just a fraction of the roll market. so what's the west going to do session the rest of the world by russian oil market prices. the you had already reduce that directed by

90 percent in anticipation of the cap, all while gorging itself on russia. fuel like a fat kid was about to be driving away from the buffet table, imported at through oxford transfers between russian tankers and those tankers of other countries, which are out there changing the oil and basically lot rating it from russian nationality to another one. and before you sure, they've also been buy it from other countries. oil supplies after those for terry and russian, oil molecules of gold, where all of other nationalities, in the storage cases, those other countries for us treasury secretary, even munition says, you know, it's an idea that it's the most ridiculous he's ever heard. he kind of it all of it, right? but in the same way that it would be an odd, someone jumping out of a plane with the parachutes. my oil output has been coming along at a price level since the onset of the credit conflict that's according to western

press to reports. okay. plus member state, saudi arabia has pointed out that it's, i'm clear how exactly the right cap would even work in practice. so it looks like another largely symbolic act or the e u that could have really been potential for below back. but we've got all that pragmatic reality yet in a way of ideologically driven virtue signaling. apparently not b, e u and washington is only too happy to hear brussels live as it continues, right. to get a garden, have to washington own ultimate economic benefit. right, so many things for rachel, they're talking about how 70 you countries. i think the veto, the g of implied cap on russian oil imports. many thanks. before we go and update on our breaking news story this out, a mass shooting in the southern russian city of krinski has reported the left at least 4 people dead. a warning for you, the following images are graphic and distressing. i miss asserted shows

a lone gunman firing a rifle as a person lying on the streets outside a shopping center. according to media reports, the attacker had just lost a court case against his former wife and then set out to kill her. in broad daylight, a pause the buyers said to have tried to intervene, but was shot dead on the spot. at least 2 other people were reportedly killed after which the suspects committed suicide. local authority. the now investigating the details of the tragic incident will keep you updated on this breaking news story in the coming hours. stay with us. thanks to joining us here on our tea international will be back shortly. ah no one else should seem wrong when all proofs just don't

hold. any rules yet to see out is the becomes the attitude and engagement equals betrayal. when so many find themselves worlds apart, we choose to look for common ground. i the ah, it almost seems like europe is afraid of winter, which is almost laughable in this day and age. given that the e u is by all accounts a fully modernized and developed group of countries. just days after year p and 3, the sigh of relief that russian gas dry and gas prom announced that it would resume supplies to the north stream. one pipeline. it had actually announced that flows would be reduced yet again. so where does that put europe this winter?

i'm christy i and you're watching the cost of everything. where today we're breaking down the true cost of winters for europeans, missed the 10s political backdrop. what this means for the average citizen with germany is the largest economy and traditional growth driver. and it's particularly reliant on russian gas. the government is now concerned about how it will keep the lights on over the winter, and it's working on a plan to reduce gas consumption, noting that gas for industries will be reduced before private residences are critical infrastructure such as hospitals that you had previously received around 45 percent of its annual supplies from russia, a while is desperately seeking alternatives. it cannot replace russian gas fast enough ahead of the winter. rationing natural gas can only do so much coupled with the rising prices of energy and slowing production. the

e u is now teetering on the edge of serious economic pain in the near term. that could push it into a recession. so for europe, it really does look like winter is coming. and now in search of alternatives to heating with gas, you countries are increasingly trying to would, would stoves are subsidized by the government. but experts warn of serious health repercussion. and to help us break it down further on how the costs of winter will be affecting european residence. let's bring in david powell, the founder of protein capital. so de then, how much more will it cost the average citizen to heat their homes as winter? is this the double edged sword of all the european sanctions on russia? so this year, this winter, excuse me, is going to be incredibly challenging to europeans ah, continent wide. a certain countries are going to be worse off because of the hard

line that they're very much taking with russia other countries that have gotten a little bit more flexibility with respect taking in russia. natural gas are going to keep going to be hit less hard, but nevertheless, it is going to be a winter full of pain. for many europeans they will see double if not triple ah, the price of heating and the issue of the basic issue or the primary issue, may not even be cost. it may be rationing. there may not be enough natural gas to go around and i think governments are not going to be silly enough to make natural gas available to the highest bidder. i think they will go ahead and ration it if they get to the point where they know that for certain there's not going to be enough natural gas to go around. so it is likely shaking up, shaping up right now to be

a very difficult period of time for europeans continent wide. and i think certainly there could be surprises, could be a milder winter. it could be, ah, you know, some more natural gas available from places that were in and stated. but for right now it looks like it's going to be a tough time. and now cold prior says our soaring and global coal consumption is expected to return to record levels as the global energy crunch continues based on current economic and market trends, global coal consumption is forecasted to rise by point 7 percent in 2022 to 8000000000 tons, so are we moving backwards from this green energy agenda, or is all of that now on the back burner? so we are in the midst of a somewhat of a perfect storm that certainly wasn't predicted what, what i mean by that is, 1st of all, global growth has continued. we may be in a recession,

a world wide right now, but in terms of just overall energy consumption, we've been headed higher. that hasn't taken a pull back, except for us pause during the coven locked downs, but nevertheless, overall, global consumption is rising. so even without a bunch of the changes that i'll talk about in a 2nd, we're going to see higher demand no matter what. and we haven't seen investment in energy, specifically fossil fuels for quite some time. for 2 reasons. first of all, ah, governments and government controlled energy companies from governments that are very environmentally focus, have somewhat prohibited or inhibited the investment of fossil fuel production

over the past number of years. so we haven't seen production output rise. in addition, the public companies or those companies that are owned by shareholders like the shell and exxon and chevron, have seen shareholders pressing them out for 2 things. first of all, more environmentally conscious investing in the business. and secondly, not as much investment in increasing production, but with profits to go ahead and return those profits to shareholders in the form of dividends or stock by backs. so we haven't seen production go up, but yet, consumption worldwide has continued to go up. you layer on top of that now the environmental concerns world wide where governments are essential, paying either businesses or consumers to go ahead and either produce respectively or consume more green energy, solar, wind, hydro power,

and so forth, rather than fossil fuel related energy sources. and so therefore, you now have a real perfect storm. and so when we do, we being the world run out of energy availability, certainly from higher costing resources like environmentally friendly, wind and solar and so forth. the reversion back is going to be to dirtier and even in the case of coal, the most dirty of fossil fuels. and i don't expect that to stop any time soon unless we have either a, a very broad and deep recession, whereby energy consumption comes down for a while or b. if there is a boost in energy production. from where we sit right now, it doesn't seem like there's enough money going into energy production to really go

ahead and scale. and in the supply side of the equation. how are europe and citizens now dealing with the rising cost of energy on top of the general inflation that is now affecting food and living costs? currently, the inflation is almost at 9 percent in the u. so i think the, the lowest earning portion of society is struggling incredibly with inflation because inflation hits all. busy parts of the market, not only discretionary goods and services, but necessary and fundamental goods and services as well, like energy and food. and so that much less discretionary income if any at all. i may need to go ahead and cut back on even necessities. and that

becomes difficult, and therefore that's when you find that larger portions of the population fall into poverty. right now, unemployment is at record lows, i think, all around the world. and so it's not about people not having jobs. it's them not earning enough at those jobs in order to go ahead and pay for the necessities of life. and if inflation terms of prices of necessities is out casing wage inflation, you will have increasing more people falling into poverty. and then the knock on effect of that unfortunately is you end up having a greater and greater divide between the lower end of the socio economic part of the population. and the higher end in a way, you know, the divide between the impoverished and the wealthy becomes a greater and greater amount because of that pricing pressure that the lower end

has to go ahead and deal with in terms of the inflation and necessities. how law is the energy market expected to remain tight like this? and how is this expected to be resolved? europe is different than the united states. we haven't seen here in the u. s. and incredible spike in the same and measure as europe has seen. and we've seen gasoline prices, as matter of fact, recently come down substantially. and so energy is not really the forefront of every body's concern here in the u. s. in terms of europe, i think it is quite different. and i think, particularly in terms of natural gas, it is quite different because a russia is so important, ah, to many countries in europe and european union. and secondly, natural gas on like gasoline is not easily transportable. and so, unless you have

a pipeline already existing or you have a little vacation, ah, plant already existing, the ability to go ahead and shift and import sources is not very easy. and therefore, the crunch or the squeeze is likely to go ahead and remain longer a, in europe and b when it comes to natural gas versus gasoline. and in terms of specifically, how long this last actually think that this is a paradigm shift. unless there's a resolution with russia, i don't think that this is changing. everybody should get used to these new prices . and the fact that inflation with respect to energy prices is here to stay. and now why is nuclear not really talked about much any more in terms of finding alternative energy sources? isn't it one of the most efficient sources?

for sure nuclear is an option. it's not an option that politicians like to talk about. there's 2 reasons. one is cost, they are very, very, very expensive to go ahead and construct. but the 2nd thing, which is even worse, is the risks associated with any short of, ah, you know, catastrophe that can happen with respect to nuclear power plant, a nuclear power plant meltdown is certainly much scarier and much more dangerous than an oil spill, or natural gas pipeline leak. so this is something that, you know, has been, i'd say more so acceptable in europe because of the lack of alternatives as opposed to united states. here in the u. s. we have not been constructed a nuclear power plant in quite long time, but in europe it is much more acceptable. but nevertheless,

it is still something that politicians don't like to necessarily talk about. because people that live in the vicinity of those nuclear power plants all are very much alarmed by the potential risk. david, how all founder of protein capital. thank you so much for your time today. lou. now let's take a look at the cost of winter and what is the average cost consumers will be facing during these cold months, u. k. households have been warned that they could face a fresh cost of living crisis with the annual energy bill set to hit an excess of $3600.00 pounds of winter. this is hundreds of pounds more than previous predictions. and given the current levels of holes sale price, analysts believe that there is little sign that it will abate before 2024. and in germany, customers with an annual gas bill of $1500.00 euros. today we'll see this figure

shoot up to 4500 euros and even more in the future as exchange prices have increased 7 folds. in some cases. in asia, china's efforts to secure energy supplies have achieved initial results, but cold production must be ramped up to ensure a power capacity ahead of winter. china has introduced a series of policies to lower energy prices and ramp up cold production to reassure companies and the public. meanwhile, electricity prices for coal power are allowed to rise 20 percent against the benchmark price. but in reality, the prices has search to the highest ceiling in many provinces and australia. electricity prices went up a 141 percent compared to last year, while the australian government urge citizens to cut down on energy usage. and over in south africa, the government authorized the power utility company as com, to raise electricity prices by almost 10 percent till 2023. on the other hand,

asia is not afraid of winter. countries like china, south korea and russia are tackling the cold months by building power plants and gas pipelines. we'll have more after the break with ah, what we've got to do is identify the threats that we have. it's crazy implementation. let it be an arms race is often very dramatic development only i'm going to resist. i don't see how that strategy will be successful. very difficult arm time to sit down and talk. ah ah, ah,

the welcome back to the cost of everything. where today we're talking about the cost of winter as energy prices are storing, but not every country will pay that same cost. china and russia are also in the final stages of building their 1st pipeline that can send gas from siberia to shanghai. this project done, the power of siberia began delivering natural gas to northern china in december of 2019. after working on it for 8 years, china is looking to diversify energy sources as the country mainly still relies on crude oil. china and russia have expanded their annual gas purchase agreement by 10000000000 cubic meters and have discussed building additional pipelines and in

line with its diversification goal. both china and russia are also collaborating and exploring the advantages of nuclear power. as a joint statement between the 2 nations said, friendship between the 2 states has no limits. there are no forbidden areas of cooperation. strengthening of bilateral strategic cooperation is neither aimed again, 3rd countries, nor affected by the changing international environment and circumstantial changes in 3rd countries. this pipeline will be a complete game changer for the region solidifying their mutual economic interests . as gas delivered by pipeline will be substantially cheaper thing gas delivered via l n g. and then recent month, china has begun by more russian coal, which is now being sold at a discount on the world marketplace as many other countries plan sanctions on the commodity. and once again, china is there to take the advantage of this good deal in order to strengthen the

country's energy reserves. but what about diesel? diesel can help to heat homes during the winter, and asia has become a big export of diesel to europe as it looks to reduce its russian exposure. india and chinese refineries which normally export diesel to europe are on course to export $1600000.00 barrels per day of diesel and september. that's $1400000000.00 barrels per day last month. and the highest since 2019. so it looks like your opinions are stockpiling diesel as it pulls back on his purchases from russia. let's bring in serina wong, who joins us here from singapore. she's the head of a pack analytic. for tex serina has asia always been a big diesel exporter to europe, or is this the current situation with crane and russia that's prompted the shift. even let me know either way in order to you,

you're in the majority of diesel really from russia. now if you look at it, it makes sense because russia not close to your asia, so that makes more attractive economy perspectives as asia. now. ready the russian green country. what's interesting is that russia, these, like all continue to watch you at the level that it's very much vision because you do feel more but you will be doing was coming from russia. and, you know, for a very healthy import narrows. but i believe that the dynamics going to change, especially in the monster when you been on russian all, it was the biggest, you know,

but you have been treated in order for countries which is nice asia to replace russian file. we need to need to know that no one countries able to please. all right, so what this means is that you would have to get the welcome back me into this program to close to president vladimir putin as the address as the counsel coordinator, the special military operation in ukraine and western russia. so let's listen to the work we have launched this mechanism to drastically improve the quality. got enough, see, i'll cur, donation, and of page view of the one that you may need to use agencies, regions, enterprises work in general and in particular on manufacturing the estate,

orders and making supplies or military operations. we have agreed and there is no need to introduce any extra ordinary matter is there is no need for such a tour, but to create, to establish clear wallet, he knows wealth or native where he is. it is a useful in any case, but in this case it is a mark stopped in the room if you are able to supply our forces with everything we need to during the lifting the operation. once again, all the matters are all important. here. the medical supplies, but if you straighten the car up, salaries for the soldier is a construction for the military use. anyway and special for new material that day as well. and we have to create a new target with clear manufacturing programs and deadlines of supply for all of it for all that is required. and this will support the industry including 2 bands.

industries, not only adjustment industry will also be support is lightweight and we need to use the glove which is happening in reality on the ground to support some potential development to do and stream this crazy manufacturing industries need to get all the recorded gym and couldn't paper when you put all the posts on the paper and i would like to hear reports on how our gas are really looking. and we should not only increase the volume, but we should also in the community of a question, what we might ask for. that's why the, the so we important and how the direct link between the design bureaus and manufacturers and those are using that equipment to me. and i hope to hear how those mechanisms functioning, work to coordinate our efforts closely to clean the armed forces of japan to

industry. but also when we adjust the state order to supply to sad that go into the materials in respect to go for our industry. we are going to be gas, it during the meeting of the depends minutes. but that will happen soon. that's how we will work in the future in the well, why does in the work? and i mentioned that at our previous meeting to have feedback. i know that we're going to be present at the design here will be returned manufacturing facilities that are working with those who are using these still, but the broader layer for them. i said, but we need to have all these information. all this data is for you to be used to, but when you read, you know, pretty simple, we would him in a to heap up that you have to use any necessary adjustments you're in. these are

the native effort, and there is always something to child and we should think about this as well. but let's start over the floor is given to him. she says, mr. michigan, please. okay, we're just been listening in to president pate's n as he dresses the latest needs for the special operation and you cray. no, i think the russian forces must be supplied with all they need for the military operation will bring any more updates on this and the coming hours. so stay with us right now the headlines of for this hour, the media mocks, they propose the you price costs on russian gas. wells. 7 european countries threatened to veto the blokes restrictions on moscow's oil, stealing an emergency meeting in brussels, also coming up russia, defense ministry, se, se, railway transfer, foreign weapons to key as forces was disrupted during wednesdays,

high precision strikes across to ukraine. and this by western accusations most because there's not a single russian rocking stroke, the city of care. and then we can go to africa, about the crisis is a result of policy and unemployment. that is why our leaders should do the right thing to empower people and provide basic amended level locals. blaine poverty, under employment for high activity of terrorists software is nist group boca herana as a tax charging and board and military base killing 10 soldiers. also coming up this, our india seems a head to become the fastest growing g 20 economy next year. despite the global slow down, with some even suggesting the country could overtake japan and germany to make the finance with 7 pm in russia.