country that you dislike is, is just one of those things you haven't seen from like the totalitarian days of the 30. and just before we go, a bit of a lighter look part of the year just gone where many world leaders were left red faced and halts under the color when the slips of the tongue unbutton mouthing of the count, spots were accidently caught on camera. so here's our top pigs of last year's hot. mike's a a,

a. ready with dialogue with the conditions.

well certainly some embarrassing moments. that's the route for now. i'm pizza scott's. i'll be back again at the top of the hour with all the latest news and views on us to help see them with ah ah. with winter fast approaching the cost of natural gas, a ways to heat

a home are becoming a big burden to bear for many european household, the european natural gas and for prices of 15 and 233 percent during one year ago. so why, of a sudden surge and prices? and more importantly, why does natural gas costs so much more in europe than it does in the united states? i'm christy i and you're watching the cost of everything where today will be taking a closer look at natural gas and breaking down the supply chain that is so crucial to our global economy. so why exactly is natural gas so much more expensive in europe then? basically everywhere else, while surprisingly the natural gas market is not as global as you might think. the european benchmark, known as the dutch t t f is priced in euro's per megawatt hour, making a hard to see just how much more expensive it is in the us. natural gas is priced

by henry hub in millions of thermal units. now after converting it to get apples to apples comparisons, europeans actually pay a staggering $9.00 fold higher cost for natural gas than americans. so what caused this huge increase? well, part of that actually stems from supply and demand, the e u and the u. k. liquefied natural gas import set an all time historical record. high in april, 2022, averaging 16500000000 cubic feet per day. europe had an unusually cold winter last year, and then russia started curtailing supplies through the pipeline. and then on top of that, you have the green agenda, push to reduce coal consumption, thereby lower, and greenhouse gas emissions pushing for even higher demand for natural gas to replace it. now let's bring in one ricardo ortega, president of bogo ton energy group, who is at this very moment in germany,

one of the places where natural gas is making headlines. so for us, the law is it wise for europe to continue to push the screen agenda? so heavily when it is hurting so many citizens during the transition phase, as natural gas applies, are unable to plug up the shortfalls of other fossil fuel energy sources. you can clearly build that they are bringing more pictures into the air, the transition process. they had already considered impersonal call. they are looking for sources. so liquefied gas. unfortunately, they level of the crisis is so large. they're talking about one 3rd of the world's supply of n g. that would need to be china doors in europe or the gravity, germany, that there is literally not much room for minority. they're talking about some of the largest economies of the world and some of the large consumer standards. so the

bane version of these on avoidable, not just coming from the energy transition, is the fact that they lost their main source of natural gas. that this whole mess is out of control. and do you think, well, germany and the you eventually be forced to break away from the washington agenda and re focus is business and economic ties with russia. given that the you is so reliant on russian gas, i doubt it deliver low to ration. and this appointment, what has been going on is pushing annoyed agendas with significant resources and economic groups behind the development of all sorts of energy, hydrogen as many forms, methanol, a, ammonia. they are going to be looking for new alternative views. and they are

pushing the occasional economy, one of their main goals. how that burden and that fame might be shared between the budget. something gorman's on the citizens, i think, is going to be the main discussion regarding shifting their policy a i see that it's very unlikely. and what you're going to see is a significant strain in the coming years and international markets where we cause economy, something weakest. countries want to be reserved, but the energy is going to remain in again that where they reach powerful, gone through. so i'm going to continue finding a new source where they're going to be getting what they need. ready much higher price, and i think everybody's getting used to assuming the cost of energy is going to increasing the country the minimum to long term to you alternate. these are brought

to market. and now how high do you think natural gas price will go in euro, by the end of the year? oh, definitely. the price is going to be much higher. it's $356.00. it for me. and i'll be to use that. that's history. you're going to be prices that could be anywhere around $30.00 to $40.00. it's going to be much higher. and i'm probably, that's one. it is want to proceed it. they can help the transition for them, new energy sources. and i think that many people are bidding on that, and this is what is going to make it economically feasible for companies to invest in all day infrastructure they need that would be mostly producing the same european country. so i don't think they mine that so much if they manage to keep the price for the product in their acceptable level. and so the level

of subsidies is going to be the main challenge and how they are going to fund those deficits. yes. what is the situation with russia? they have reduced natural gas supplies to europe as a means to put pressure on them. but at the same time, it hurts rushes profitability as well to cut down on exports. so where is this still may going? and when does it end? this is going to continue on till you find the resolution to your credit in situation. and i see that is going to be a lot of pain everywhere, not just between russia and euro or the us, but the countries that require not real gosh, in the international market. they don't want to be suffering because scarcity is going to affect everybody. or you can see that in the market, the viewer audrea. and the same in, in foodstamps was countryside experience in patient woodstock. substitute 2028

percent. so this is going to continue on feel there is a solution for you from your country. and while russia be able to long term pivot, has asian partners for natural gas exports to shore up its markets and profits. and how long would that take? won't likely. china is going to have it again advantage because it probably would be se one of the buyers under received. and so that gas on may be a lot of it will have to be defined by how the winters behave, please. you have a mile winter in asia, in my winter in europe. this is going to be by just if you have haughty will winters in asia, europe, this is going to be a nightmare. so it is hard to tell, it will be played out in the next moms, depending how nature chooses to bring this coming winter. when this push to

a green economy, how long do you think human society will be using natural gas for and how long will be this transition? or do you think the push to green economy will eventually fizzle out? natural gas is going to be making stay during the whole transition. no country can just get rid of gas right away. it will be a significant source of energy for the common decades. but there is going to be growing consumption of energy and song parallel market. so i wanted to go and look all i could be hydrogen that has significant challenges to transport, but it could be ammonia is the new technologies for cracking it become cheaper and more efficient could be mental. and some of them for sure,

i'm going to become significant bayers in transport, mostly shipping, air fry, and drugs drains and airplanes. and those markets are gone. i'm going to cheaper, most likely to believe new sources better the, an industry. you can clearly see your money now the company is looking at the production of seal based on hybrid want to happen because of what these crisis brought to europe more likely weaker than later. so you can expect significant changes within the next 5 to 7 years. thank you so much on ricardo ortea for joining us today. now, compared to europe, the u. s. has plenty of natural gas resources to tap into. it is a net exporter of natural gas and exports quite a bit to europe. but now, there is a limit to how much us production can help in europe and allies. this quantity is

limited because the high transportation process to ship natural gas overseas. now in our, to ship it, natural gas has to be liquified. and this is a very complex, inexpensive process, and the facilities that transform gas into liquid is a costly endeavor, and it's relatively new thing born out of the recent shell boom, that means most state sy, producers are maxing out the available liquids, occasion capacity. and most of our natural gas will be trapped in the us, unavailable for export. that's a break it down estimated liquid vacation fees range from $2.00 to $3.00 per pillion thermal units, which is a 15 percent markup. then you have shipping where costs very by destination and market conditions. this can range anywhere between a 15 percent mark up to a 40 percent markup in prices before it reaches the destination where there are also duties and taxes levied. mm. so what is the cost of natural gas for countries

are less with vast reserves of the fuel? we'll discuss more after the break with ah, the chargers archipelago home of the jo cm's, diego garcia, the largest island in the archipelago is now the location of a very large u. s. military base. you get given med, do you are what i to the u. s. government to make a military base and just deported all of the chuckles and people from their country . so big caught returned back on the island. no, no, but we'll try to let's what we'll parking for the ride. so i,

we do not consider that the road to self determination actually applies to the trickle. since i don't the question, no self determination of the legal advice we've received is actually the trickle sooner. we're not at all, not a people. for me, it's done to move on and see what we can do for the jungle. should committee to return back home. there is no support from the united nation i for mission african united nish. i don't care about chug restaurant people the welcome back. we are talking today about the cost of natural gas. so let's look at india, where the share of natural gas consumption has increased to 6.7 percent as it aims to have 15 percent gas in its energy mixed by 2030. currently, coal as a primary fuel source used for power generation. oil is used for the transport and industry and bio mass for residential heating and cooking. but as india has space

is worst power crisis in over 6 years earlier in 2022. india is facing mounting pressure to become energy independent. now let's dive deeper with energy economists, the booty garg at this point. how is india balancing it's true? priorities becoming energy independence versus cutting back on carbon emissions. right, so just to said the contacts, you know, they didn't find me expanded out to read every point 7 plus them in finance, one and we are expected to demand just strong growth in the coming years. and this revival of nomic activity is for the leading to a surgeon and you can and in the month this is expected to kind of go at $3.00 to $5.00 to $6.00 pleasant every year. lease and then so then says my forward 90 meg as well as that. i show you 3 more have lead money,

country shooting into naturally to done in work and in july on what is the need them in the domestic market. so to address the issue of energy security and also protect against the price went up in order to use the strategy basically to explore more domestic resources to meet energy demand for yes, even in that is looking at back to sleep. but while trying to increase domestic production by opening more mind for private production, but in order to lead the substantial and fees and demand in there also has been non foreign deployment for the updated. and it doesn't actually move on to beautician, which has now kind of enhance and is committed to reducing emission intensity by 45 percent by 2030 compared to 2005 levels and also to achieve 50 percent of installing capacity from non sources. so that's why the mission, but at the same time it's quite achievable,

given the kind of demand growth that the note is likely to witness. there's not a push not will need to be luckily never d, but also development across the value. and i think that's for those i know trying to reduce and i'm pulling them both. so them and has initiated or introduced seems like production. they've been improved. domestic manufacturing analysts and reviews and board dependents on products for the know you deployment for the noun, energy con, deletion bed. the china impala thing didn't mean to me down different options thresholds for radius on for you, and also kind of and now in carbon trading, that shouldn't boost renewable energy deforming. so just just, i met several measures, have undertaken screen, and you are the native model. yes. solutions to the carbon eyes and it doesn't be say, there was also team will be affected, my, the cement, refining,

etc. and how does that make sense for india to transition to natural gas and l. n. g? when it is so much more expensive than coal, and what in high gas subsidies does burden the economy? yes and yes, attraction for natural gas. what kind of boy named right? again, the man, few months back dated star, get natural gas share. and then you makes 215 plus then, you know, while the current is about 6 plus and, and this should have, we just raise from 6 plus and in 2016 to about 6.3 wasn't today. so this says despite you, knowing that has gone ahead and expanded the gas to the gas distribution network guy. so that spy, how could it be for natural gas? and you know, as being 50 percent domestic wyman from. and so the gas guy search

since october 2021 has wilson and gas situation. the benchmark that which is the korea market, the j can, you know, has gone up and more than debate between april 20, 21 and $3.00 and for the even the domestic gas prices have kind of more than doubled as that it's, are you guys isn't concerned more than sure. so i think that's where it does hitting the use of gas quite substantially. the government is for the in fact, so on the boat was likely to announce another guy's your vision. you know, where prices are expected to rise for their buy mom and a half time. and yet the gas prices goes up. it becomes difficult for the government because it means highest subsidies. and given that the

government cannot form these high cost for certain products that's up to be bought and has in the for example, in the case of the subsidy, which has the whole ring around the b. one trillion almost, which is equivalent to us dollars for the bill then for 2 years is likely to go up to 2 trillion and then to be which is radia been us dollars for this fiscal year due to the high gas prices. the government had stopped and could use up to be in the last few months, but is now planning to reintroduce them because of crisis. and also for something like that, he got a distribution. that woman has mandated that will be domestic as we so as such, the push for gas you does not bode well for the minute on the me. enterprises that we are missing. now, the minister of petroleum and natural gas hard, deep perry had recently said that fuel price rise in india had been contained in

comparison to the developed countries. and his side is that the indian government has taken several measures to minimize the volatility of global crude and gas prices. so the indian gasoline prices were down, 2 percent drain july and august. while the rest of the developed nations saw gas prices jumped to 40 percent. now, what exactly are those measures that they've put into place? and then boards 80 percent of it for so while the cost of petroleum diesel has been marketing dummies and did not increase the costs of petroleum, these are 2 or the finally got to do more. and they have been there any losses on their books. so one option for the government was to increase to lead the fee increase bank or costs to the end of the month, which would lead to much higher inflation, which the government did not allow. but there is found portion of losses that are

sitting on the book and the loss of that kind of gone up substantially in the last few months with the rise and prices. so what the new government has done for the key head, you know, some of this type guys rise has just got down some of the faxes which the mentors and the wine on both patrol and beach. and that's how they have tried to be the prices didn't reach to maintain as for the ability which meant revenue loss. one of the men and some loss as be owned by the amc. like now with those guys is going down when you have the being able to recover some of those losses because the faces have not been reduced. why lloyd price as the global oil prices. and that's how it's one of the ways that the government has ensured that the prices are in the more affordable range states. southern states wants to

reduce our, the state backs, which is why the bad route it back to me. and now on the patrol then the, the so that was one aspect and the other was and started scouting for cheaper options. so it started buying more from russian food. natalie, the objective that the government said was only based on commercial reason and grunting and inflation. so these are the measures that they and the government has taken many steps towards a glean alternative future. but do you say natural gas as more of a supplemental fuel or a true replacement? as i said and does not have much of its domestic gas and has been in both being 50 percent of its gas requirements. the softening of gas prices are not inside global futures indicate that the prices will remain a lot so and then g guys is expected to remain above $25.00

for the rest of the and even the focus is that, so it won't go down below us and on this claim and we do in 2027. so the gas line to be sion, you know, what the government needs to do has to be the space a new technology can see lap or, and then you know, guys, the non school which are required because it is adding more and more shadow for independent due to the grid be can be flexible generation resources that are the next generation for like not going back to storage is becomes why, but for them and my friends. and if i, if you know, for foster adoption of mason technology such as b hydrogen, forsake those for the lies and also make bio gas for the transport sake. so what i recommend that any traditional use of, gosh, should be limited,

or to select with no competitive, ortho native or with gas or renewable energy update or hasn't been dealing with that. as i mentioned earlier, or as the government should kind of reuse, it's relying on using gas as the treat to the booty guard. thank you so much for coming on today. it's easy to spot. the winners here on the natural gas playing field us russia. countries blessed with vast quantities of precious natural resources to power the nation. and one can argue that while europe is paying for the higher cost of natural gas in the interim, it is winning and the long term goal towards sustainability and becoming carbon neutral. but is that really the case? perhaps the greatest epoxy in europe? the coupling from russian gas relates to the environment. the carbon footprint of american l. n. g shipped to france is twice that of conventional russian gas. so we

are witnessing a vicious circle sanctions against russia has increased international demand for fossil fuel, renewables account for less than one 3rd of all electricity generated. but at the same time, governments are reluctant to find major extraction projects because of their climate commitments. so the biggest winner here is actually going to be big oil, but rather than reinvesting profits into new production to help displace russian oil and gas, execs are rewarding shareholders. this sets us up for an even tighter energy market in the years ahead. and i'm thinking we go over $300.00 euros per megawatt hour on the dutch t t at gas uterus by year end as a key, but this current pace of things. thank you for watching. we'll see you next time right here on the cost of everything. ah

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