or a pin benchmark known as dutch t t. f is priced in euro's per megawatt hour, making it hard to see just how much more expensive it is in the u. s. natural gas is priced by henry hub in millions of thermal units. now after converting it to get apples to apples comparison, 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 of 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 is pushed to reduce coal consumption, thereby lowering greenhouse gas emissions pushing for even higher demand or natural gas to replace them. now let's bring in one ricardo ortega,

president of both high 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 this green 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 failed, but they are bringing more picture into the and the transition process. they had already considered impersonal call. they are looking for sources of liquefied gas. unfortunately, the level of the crisis is so large start talking about one 3rd of the worlds of bio l n g. that would need to be china doors in europe, particularly germany,

that there is literally not much room for minority. you're talking a lot, some of the largest economies on the world and some of the large consumers of energy. so the bane, unfortunate based on the boiler will just come from the energy transition is, is there the fact that they lost their main source of natural gas? this whole mess is out of control and their think was germany and the u. eventually they forced to break away from the washington agenda and we 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 disappointment. what has been going on is pushing. i know that agenda with significant resources and economic groups behind it, development of all sorts of energy, either as any,

as many forms, methanol, a ammonia. they are going to be looking for new alternatives, and they are pushing that. it's just in case of the economy. one of their main goals, how that burden and that fame might be shared between the budget. so the government and the citizens, i think, is going to be the main discussion regarding shifting their policy a i see that as very likely and what you're going to see is so significant strain in the coming years. ready and they've done national markets where the weakest economy, something weakest, countries are going to be losers. but the energy is going to remain in that in that way to reach powerful, gone through. so i want to continue finding a new source where they're going to be getting what they need at a much higher price. and i think everybody's getting used to it. assuming the cost

of energy is increasing the country in the medium to long term. 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? or different price is not going to be much higher. it's $356.00. it for, you know, be to use that, that's history. going to be prices that could be anywhere around $30.00 to $40.00 and it's going to be much higher. and i'm probably, that's what it is. want to facilitate and help this 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 mind so much if they manage to keep the price for

the colleague 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, and 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 that end? this is going to continue on till you find the resolution to your credit in situation. and i see that it's going to be a lot of pain everywhere, not just between russia and europe or the us, but the countries that require natural gas in the international market. they don't want to be suffering because the scarcity is going to affect everybody. you can see

that in the market, the viewer audrea and the same in, in food stops, was countryside experiencing vision would start substitute 2028 percent. so this is bonnie, continue on feel. there is a solution for the premier 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? was likely china is going to have significant advantage because they probably would this one of the buyers under received them. so that may be a lot of it will cost to be defined by how the winters behave. you have a mile winter in asia, in my winter in europe. this is going to be, i guess, if you have haughty will winters in asia and europe is going to be a nightmare. so it is hard to tell it will be played out in the next months

depending how nature chooses to bring this coming winter. when this push tow 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 in mainstay during the whole transition. no country can just get rid of guys right away. will be a significant source of energy for the common decades. but that is going to be growing consumption of energy efficiency and song parallel market. so i want to develop, it could be hydrogen that has significant challenges in the 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, are going to become significant failures in transport, mostly shipping, air, fry, drugs, drains, and airplanes. and those markets are gone in going to cheaper, most likely to lead new sources of energy, an industry. you can clearly see germany now, companies looking at the production of steel base on hydrogen bonding 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, juan ricardo ortea for joining us today. now, compare to europe. the us 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 and expensive 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 states, i, producers, are maxing out the available liquid cation capacity. and most of our natural gas will be trapped in the us, unavailable for export. just 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 and prices before it reaches the destination where there are also duties and taxes lemming. mm. so what is the cost of natural gas for countries that are less with vast reserves of the fuel? we'll discuss more after the break. ah ah ah. with the discovery of the new world, at the end of the 15th century, there appeared at atlantic slave trade. the slave traders from european countries started building forth on the western coast of the african continent to transport the african inhabitants to america,

to be forced into hard labor. until the middle of the 17th century. portugal had played the main role in this atrocious business. then great britain, france and the netherlands took the leadership, or the span of 400 years of legal and illegal slave trade. about 17000000 people were forcefully shipped across the atlantic. not including those who died on the way due to unbearable living conditions. modern historians estimate that for each slave ship to america, there were 5 who died while captured during transportation and cruel obliteration of rebellion. this ruthless people tre practice by the leading european countries, took away tens of millions of african lives. the organisation of united nations classifies the trans atlantic slave trade as one of the gravest human rights abuses

in the history of humanity. this is the biggest act of deportation of people ever seen by mankind. ah, for november 22nd 2022 outraged orthodox christians confronted ukrainian security service officers looking entrances and exits to keep the oldest monastery. they were looking for alleged russian spies among the monks. we mean villa semen or foam . the reason for the brutal crime down one church, his parishioners had sung a song about russia. ah, it's wrong been reason enough to condemn any orthodox christian attack in prison and even kill them. russia,

i shall finance to pick it up when you love store and you in your store, grow our slider venue in your store, thought us, you used to stop receiving edge to samuel sample i use from his dog. these seem to need, we just saw them 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 and 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 2 priorities, becoming energy independence versus cutting back on carbon emissions. right, so just to said the contacts, you know, the linux on the me expanded out the read every point 7 plus them in finance. 12. and we are expected to demonstrate 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, which is expected to kind of go at $3.00 to $5.00 to $6.00 pleasant every year. lease and then so then says night 90 the make as and as i show you 3 more have money country shooting india naturally to done in watson in july on what is the domestic market. so to address the issue of energy security and also

protect against the price will be open to 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 they're trying to increase domestic production by opening more mines for private production, but in order to lead the substantial and these in demand in there also has been non 4 in the deployment for the updated. and this isn't actually informative. you sion which has now kind of enhance and is committed to reducing emission intensity by $45.00 by 2030 compared to 2005 levels and also to achieve 50 percent of install capacity from long choices. so that's why the missions, but at the same time it's quite achievement. but given the kind of demand growth that the note is likely to witness, there's not a push model need to be lottery numbers and d,

but also development across the values. and i think that's for the kind of trying to reduce and i'm pulling them both. so at the moment has initiated or introduced? seems like production. they've been doing pretty domestic manufacturing. analysts and reviews and board dependents on products for know you deployment for the noun, energy gone, deletion china. and they don't mean to me down the street junction threshold for radius on forces use and also kind of and now in carbon trading, that booster will energy deforming. so just just i met several measures, have undertaken screen and you are to need this model near solutions to the carbonized and it doesn't be said there was also a team will be defective, like the see men defining, 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 they know you makes $215.00 plus then you know why the current year is about 6 plus and, and this year have we just raise from 6 plus and in 2016 to about 6.3 percent today. so this despite, you know, has gone ahead and expanded the gas grid and for the gas distribution. net guys who have spy, how could it be for natural gas? and, you know, i think 50 percent of its domestic, why men 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 that, but between april $21.00 and $3.00. and for the even the domestic gas prices have kind of more than doubled as bad as that. and then you better than concern it more than sure. so i think that's where it goes, 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. prices are expected to rise for the buy one and a half time and yes, gas prices are goes up. it becomes difficult for the government because it means high a subsidies. and given that the government cannot form these high cost, you can do multiple such products. that's up to be bought and has in the for example, in the case of this up to be,

which has the whole ring around these one trillion almost, which is equal to us dollars for the bill then for 2 years is likely to go up to 2 trillion and then to be which is radiated belinda us dollars for this fiscal year due to the high gas prices. the government had stopped mpg subsidies in the last few months, but is now planning to re introduce them because a 5 crisis. and also for something like that, he goes distribution, the government has mandated that will be domestic as we. so as such, the push for gas, you does not boot ready for the bond to meet with current prices 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 develop 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 costs are patrol and diesel have a marketing dummies and did not increase the costs of petrol. and these are 2 or the finally got to do more. and they have been there in the last says on their books. so one option for that was to increase to lead the increase or costs to the end of the month, which would have led to my child inflation, which the government did not allow. but there is some portion of losses that are sitting on the book and the losses 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

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 federal n b. 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 has be owned by the mc. like now those guys are going down when he's had being able to recover some of those losses because the faces have not been reduced. why? lloyd prices, the prices of bonds. that's how it's one of the ways that the domain has ensured that the prices are in the more affordable range state. southern states was reduced . are the state backs, which is the why the bad rather than now on the actual india. so that was one

aspect and the other was started scouting for cheaper options. so it started by war 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 bought, being 50 percent of its gas requirements. the softening of gas prices. i'm not inside glo, busy, just indicate that the prices will remain upward so. and then g guy says i expected to remain above $25.00 for the rest of the year. and even the

forecast says that, so it won't go down below us. stand on this claim and we do in 2027. so the gas one commission, you know, what the government needs to do has to be the space a new technology can feel up for it. and then you guys, the non school which are required because it goes adding more and more share for independent energy to the grid. be can be flexible again, duration resources that are the next we're going to ration for like not, skin, battery storage is become why, but for them and my son's. 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, are to does with no competitive ortho native or we're gotcha. or

renewable energy update or hasn't been dealing with that. as i mentioned earlier, or as government should kind of renews, 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 footprints of american ellen 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 fund 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 or 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 of gas futures by year end as a key bump this current pace of things. thank you for watching. we'll see you next time right here on the cost of everything. ah, ah

bullying at the absolute tv toys. no cranium. tv toys, to anemia. idea. she ship dock lean that report control you put you on board. so we should she'll go. diddy. tgm awarded by yankee says that will only be me out of it . not seeing the vice president of lucy, leah. well we can do that. i talked to mom and she was actually jim's out of the room dish. but i live a crazy dental there used to modern day my subway, but just dory. yes or no it's i live she have a lease get us. but generally she said yes a even if daughter to look like you know what of them, i need a says that you train schools with that for a one. they each that or up

with global, i'm saying years about how she took on my job is to put up the enough room for a few quick to take a picture of my go double play. if j, those are good on that please. ah and in mm.

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