amrita: what if i say neither?laughter] honestly, i think the reality is what we see from the white house in particular is that they are not talking about an spr release as an eminent policy tool. this was the question asked, and the answer was yes, all options are on the table. opec says that to us all the time. the key to remember is that the biden administration is very keen to have low gasoline prices for consumers, so we should always keep that in mind. if prices continue to overheat, they will be putting more pressure on opec. with regards to gas and what putin said, the reality is that russian gas inventories are low. even if they wanted to increase exports, they have to refill inventories themselves. that is by european gas prices -- that is why european gas prices are so high. jonathan: frame winter for me. i am trying to understand how tethered the oil story as to what happens with gas, given we are having a big conversation about substitution now. what does that look like for you through a cold winter in

amrita: it is a fascinating story, isn't it?iggest story is european stocks are low mainly because russian exports have been low. russia's own demand has been very strong so they have to do their own inventories. there is nord stream 2 and that should start of next year. we are expecting more flows from russia next year. that should ease prices. this again goes back to the very first thing we can talk about. energy transition. at least demand for fossil fuels has fallen which means gas is baseload. structurally, we think that this is a higher gas price environment. yes, prices will calm off current levels but they will remain much higher than we have seen in the last 10 years. that is the new reality of it. if there is a winter, prices go much higher. on friday, china came out and said buy at all costs. this is the crux of it. we have to make choices between economic growth and climate change and i think that is why we should stop demonizing fossil fuels. dani: fair enough. the gloves are off. it is a boxing match for energy pri

amrita sen on copper is interesting.are making jokes about magnesium, and i would suggest the manufacture of aluminum, the manufacture of magnesium, the manufacture of copper still goes back to hydrocarbons. jonathan: and you pointed out what has been happening with zinc and the likes of glencore. when power prices go up and it costs more to develop some of these metals, the pullback on the production and development of these metals. tom: the analysts approach this differently. ed morse is much more geopolitical, geostrategic. what will the saudis do? jeff currie, with the microeconomics of chicago, is very precise and concise. i think francisco blanch at bank of america present a holistic view of all of the economies. everyone is different, including amrita. jonathan: as we get that ready, let's talk about this bond market. we have gone from talking about breakevens, higher inflation expeditions that peaked in may, then faded away. now that is the story again. your nominal yield is 1.67% on tens. it is the breakevens i

ed morse's approach is much more geopolitical then we get from someone like amrita sen.or him to go to $90 is more a persistent $90. jonathan: we've got morse come, blanche, currie. kailey: playing a little bit of a game of catch up as we are north of $80 on wti and brent. jonathan: your equity market down 20, negative zero point 5%. up next, one of the 2021 nobel prize for economics winners. we don't -- guido imbens joins us next. this is bloomberg. leigh-ann: with the first word news, i'm leigh-ann gerrans. it is the end of an era in private equity. the billionaire cofounders of kkr, henry kravis and george roberts, are giving up their leadership roles. the to have dominated private equity for almost half a century. kkr's new co-chief executive officers will be joe bae and scott nuttall. economists at goldman sachs have cut their forecasts for u.s. growth this year and next. the bank blaming the delayed recovery in consumer spending. goldman expects 5% growth in 2021 and 4% next year. meanwhile, goldman also predicts the equity market will continue to rally. a report s

how long do you think, amrita, this power crunch with natural gas and even coal, believe it or not, mightulti-week story, a multi-month story, a multi-year story? >> i'd go with years for the simple reason, we have more renewables, wind and solar generation, but we've retired a lot more coal plants, right. like you mentioned, people have been writing the obituary for coal for years now and look it's rising the growth has been led by emerging markets but this is a global world interconnected. so if you retired a lot of coal plants before demand has come off and we don't have enough renewables to fill the gap of course you get high energy prices gas prices we think will come off from the current level but we think it will be structurally a lot higher than we've seen in the past there is one truth about the green transition, that it is extremely inflationary to your point i'm not sure consumers necessarily understand that until now i'd love to see what the reaction is about the tradeoffs that people will have to make going forward. >> yeah. we're going to find out quickly. do you think there