and engagement equals the trail. when so many find themselves worlds of horn, we choose to look for common ground. only 41 percent of us, it does have enough savings to cover a $1000.00 emergency. we have record numbers of americans who are on the verge of having their cars repossess more than a 137000000 americans are facing financial hardship because of medical debt. in america. we do have a well 1st system in place to help people who are struggling financially, but it's a conditional system. you have to prove to the government that you truly need help . the simplest way, like explain a basic income, is that it's like social security for the rest of us. a basic income would be a monthly payments that would go to everyone. just a $1000.00 a month, no strings attached. i have out. i will. i mean, i don't know,

i just won't go crazy. the reason that i am a fan of guaranteed income because it is this idea that everybody is deserve it and just bad virtue of your being here. 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 giant gas problem and now said it would resume supplies to the north stream. one pipeline. it had actually announced that flows would be reduced yet again. so where does i 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. and 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 wood wood burning 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 david, 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 gone

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 triple on the price of heating. and the issue of the basic issue or the primary issue, may not even be cos, 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 an anticipated. but for right now it looks like it's going to be a tough time. and now cold price, 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, 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, had 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 defy 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 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 location 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 are, are very much alarmed by the potential risks. 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 prices 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 co 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. in 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 in the cold months by building power plants and gas pipelines. we'll have more after the break with ah, ah ah ah

ah ah. to what we've got to do is identify the threats that we have. it's crazy confrontation, let it be an arms. race is on often very dramatic development. only i'm going to resist. i don't see how that strategy will be successful, very critical arm time to sit down and talk

lou, welcome back to the costs of everything. where today we're talking about the cost of winter as energy prices are soaring. but not every country will pay that same cost. china and russia are also in the final stages of building their 1st pipeline, that consent gas from siberia to shanghai. this project dubbed 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 discuss building additional pipelines and in line with this diversification goals. 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 against 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 than gas delivered via ellen gee. and in recent months, china has begun by more russian coal, which is now be 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 serena juan, who joins us here from singapore. she's the head of a pack analytics board tech. sir. serena 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 asia, let me know either x or did you watch majority of the diesel

really from russia. now if you look at that make sense because they don't need to do your asia so that makes it more attractive. economy perspective is 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, fear it because you feel more you need was coming from russia and you know, for a very healthy important you don't barrels. but i believe the dynamic, it's going to change, especially in the monster when you've been on a russian all in the biggest, you know, but you've been treated and be talking alternative supplies for countries,

which is nice. asia, what we believe right? we need and we need to know that no one countries able to please. all right, so what this means is that you would have to get supplies for several countries to have a cookie replacement or the russian barrels i see is asia prepared for the winter . they're not necessarily known for a green agenda like europe. so i think that because won't share the market, it's not able to predict, right. and you will have a better idea of prediction. awkward. probably not even countries heavily on call. really starting to change

the very do the water just back off and the good, the expected, you know, competition, natural gas competition cold bo, especially years. so there will be to ensure that even if there's a handle now the thing now some of the other countries i'm thinking all the stuffing which has been, i don't know who want any power shobit, you know, and this is really interesting because actually shouldn't be going to be the model your money. again, the idea of having ration but there's nothing wrong. could you switch and stuff become more information get energy mix.

so now money, i'll say that not usually they're leaving new york. and do you think asian countries like china, india are exporting diesel, but at the same time cutting down on domestic production and consumption? or are they being co? where's? because this is the new green trends now? yes. so china and yeah, interesting country. so well, 11, i'm trying to think you might really being open disruptions to bragging. just based maestro manufacturing. i have very much actually locked out. but the think that the government is actually jumping reduction in company emissions and is doing low rationalizing the refining industries. and to do implement the measures for just restricting the orders over cutting on the

line. so perspective, yeah, it is true that com and is looking to was using domestic production or be in china up until sufficient to meet the domestic market. so now just in case you get the magic mark, what you don't have the coverage on the street. and you see that is now being talked about. and although in the reason one, even within the we are within the country has hi warren. but even the mom within the country will we fall in the fall quarter, especially will live to talk to my

production either the production in the final wrapping up that refinery. we finally running the cost of every margins and i believe this continuing and as you continue to write the law or you want to continue to wrap up every time you're such an interesting topic. thank you so much serena, while for joining us today i when i call at the cost of winter, there are winners and losers. while clearly energy is the dominant theme as that is the commodity that powers the growth of nations. so while the entire energy sector is winning, there is one that is making somewhat of a big come back. and that is nuclear. in germany, the countries 3 remaining nuclear power plants are scheduled to shut down at the

end of 2020 to the grand finale of a decade long plan to end the use of atomic power in the wake of the fukushima disaster. but now, driven by the shortage that is facing opposition against nuclear is softening. recently, green politicians have a signal that they are prepared to keep nuclear power plants running for a few months longer stretching the remaining fuel supply into spring to keep the lights on. there are concerns about safety when it comes to nuclear, but let's be honest for europeans, heating their homes with coal and wood. those alternatives are much safer. burning solid fuels indoors is dangerous because it creates particulate matter small enough to get way down deep into people's lungs and even their bloodstream without being rejected by the body. and the build up of the particulate can cause inflammation. asthma, low birth weight, pneumonia, cataracts, heart disease,

and even lung cancer. so given this predicament is human life and help the real cause, a refusing oil and natural gas as heating sources. this idea of people burning wood in enclosed areas will cost lives in the short and long term. thank you for watching. i'm christie. i and i'll see you next time. ah ah. with only 41 percent of us adults have enough savings to cover a $1000.00 emergency. we have record numbers of americans who are on the verge of having their cars repossess more than

a 137000000 americans are facing financial hardship because of medical debt. in america. we do have a well 1st system in place to help people who are struggling financially, but it's a conditional system. you have to prove to the government that you truly need help . the simplest way, like explain a basic income, is that it's like social security for the rest of us. a basic income would be a monthly payments that would go to everyone. just a $1000.00 a month, no strings attached. i will. i mean, i don't know. i just won't go crazy. the reason that i am a fan of guaranteed income because it is this idea that everybody is deserve it. and just by virtue of your being here, oh, when i was showing wrong, when all proofs just don't know. i mean, you have to shape out disdain because the african and engagement

equals the trail. when so many find themselves will the more we choose to look for common ground? ah, hungary say there's no agreement with fellow members like gas price caps, which is undermining durable energy security. as 7 of both countries threatened to veto the restrictions on russian oil. emperor with russia defense ministries, bays, the railway, transport a foreign weapons to keep schools. this was disrupted during wednesdays, high precision flights across to ukraine. and despite western accusations, moscow say is not a single rush and walk. it struck the city of kias. meanwhile in the african nation of chad with.