shale gas is one of the varieties in the principle of drilling.ry except for the experience that we need to acquire here. and this can only be welcomed. such taxes of technologies in the world and the possibility of their use in ukraine, i believe that this will be developed in our country and at a fairly high level, because we really have specialists and even more so there is an opportunity and desire in of young specialists to acquire such knowledge mr. andriy, this is one of the latest cases, which seems to me very interesting because it was just a crazy coincidence of circumstances already from the beginning of the full-scale invasion, there were several weeks when the air siren alarm sounded over the lviv region, in particular, and people from some places from the lviv region began to signal that they heard an explosion - and then this is now open information , that is, i am not revealing any secrets now, the representatives of the regional military administration noted that these were non-explosions, this is actually the opening of the e-e d

in the long run, however, the extraction of shale gas through fracking will increase experts say, as new supply chains emerge, i might need a quote or change the oil and gas industry is now increasingly looking to south america to replace its current imports from russia with the west supply chains, i diversifying and may soon include argentina, brazil, and venezuela. brazil has already announced plans to increase its production by 70 percent over the next 10 years. you're just have her remind her of the top business story. we're following for you this how it, chinese businesses all wanting on the severe impact of shanghai is prolonged, locked down. the cities 25000000 residents have been kept. mostly at home, the weeks as the chinese government maintains it's 0 coven approach to pandemic restrictions. shipping companies, ross, i want that the shanghai lockdown snarled up the will, busiest container. so from the business team here in berlin, if you won't pull from us to head over to our website, d, w dot com slash business, you can also find us on the d to we and use youtube channel o

library more to produce a deposit damage. further south in argentina, why the world's 2nd largest shale gas deposits production by fracking could theoretically be doubled to replace russian gas. but that's not possible at present because argentina isn't prepared for the volume. for a molly, i'm good at the origin. tina's problem today is the lack of infrastructure to transport and export crude oil and gas, for example. and there are no pipelines to bring the gas from the fields in the provinces to the port gina engine. tina hasn't invested in the necessary infrastructure with the country. can hardly step in to compensate for oil and gas from russia, at least for the time being. oh, not a bit made ok. they literally have to produce a in groups. yeah. in the long run, however, the extraction of shale gas 3 fracking will increase experts say, as new supply chains emerge, i might need a quote would change the oil and gas industry is now increasingly looking to south america to replace its current imports from russia. the western supply chains i diversifying and may soon include dodge and ti

guy: is disproving the shale patch guys right -- is this proving the shale patch guys right?hey say we have seen this movie before and they can come down quickly. do we really want to put money to work here? volatility you are talking about just makes their case, doesn't it? alex: bank of america would argue this is going to carry on. they were talking about the idea the market will get tougher again into the summer. demand picks up in the northern hemisphere as we take off on holiday. that is when you tend to see demand pick up as well as air conditioning. there are not necessarily reasons to be that causes long-term, but volatility does make it more difficult to invest. this is a theme we pick up not just talking to oil fundamental analysts but also analysts covering will equities. this is a difficult environment to decide whether you want to invest in long-term capital. when you are deciding where to spend billions of dollars on capital investments is a tricky play. that feeds into the difficulty shale companies are having in deciding whether to deploy capital. kriti: alex

how do you factor in shale into this equation? natasha: shale will be growing this year.prices above $100, i expected to grow to million barrels a day plus. this year, about one million barrels a day. there will be growth, not enough to make a difference considering. the range of possibilities of what you can do with the russian volumes. it could be as high as 4 million a day. we think it will really be around 2 million barrels a day. the supply is very much needed. it is being felt in the markets. you see the price reaction to that. over all, we believe there is not much u.s. produces can do today to make a difference by the summer. the difference could be felt in 2023, 2024, but u.s. producers are dealing with a lot of issues, lack of labor, truckers. it is very visible, they are explicit about that. not much could be done by the summer in the u.s.. kailey: we have heard that from executives, that even if they wanted to pump more, they cannot really do it at this time. thank you, that tosha can ava. week to your insights. from sounding the alarm on the oil market to sou

and shale and oil and territories in the east. if that's his goal, to kind of just put a stake in the grad of global competition, then that's what he's going to try to push for. but on this side of the you and of nato potentially though that possibility has now. and it sort of moved off the proverbial negotiation table you would have if in fact, as you create does join a join to you long term. you're baking in a conflict into, you know, the largest historical piece project. there has been in this world and how with that actually function. what would prevent vladimir putin from continuing his various tactical maneuvers the sort of death by a 1000 cuts even if it's not kinetic and militarily, materially spoken. in the long term of keeping this up, cyber hybrid, all the issues that i've already mentioned it's, we're looking at a very, very insecure situation. and i think we're looking at a very, very long situation. because what we have to do to be the sense into recently this could be, i mean, a devastating, horrible whole from war,

shale and oil territories in the east, if that's his goal to kind of just put a stake in the ground of global competition, then that's what he's going to try to push for. but on this side of the eu and of nato potentially though, that possibility has now um sort of moved off the proverbial negotiation table. you would have if in fact the ukraine does join the join the eu long term, you're baking in a conflict into, you know, the largest historical piece project there has been in this world. and how would that actually function what would prevent of vladimir putin from continuing his various tactical maneuvers, this sort of death by 1000 cuts, even if it's not kinetic and militarily militarily spoken in the long term of keeping this up cyber hybrid, all the issues that i've already mentioned, it's, we're looking at a very, very insecure situation and i think we're looking at a very, very long situation because what we had hoped that there have been the sense until recently this could a very, very long situation because what we had hoped be devastating, horrible, awful war, but it cou

the company claimed extracting shale gas in the uk could make the country "self—sufficient in 10 years boss sirjim ratcliffe saying such a move would "reduce the cost of energy" and ensure "long—term energy independence". joining me now is marc ostwald is the chief economist and global strategist at adm investor services international good to talk to you. this is hot on the _ good to talk to you. this is hot on the heels _ good to talk to you. this is hot on the heels of - good to talk to you. this is hot on the heels of the - good to talk to you. this is. hot on the heels of the uk's energy strategy coming out last week. what do you reckon, will ineos be given the green light? ineos be given the green light? i think it's more than likely that they probably will but in terms of actually solving the current energy price problem that we have, both for consumers and businesses, this is a very long distance prospect. it will take five years probably to develop and another 5—10 years to basically deliver so it doesn't really address the immediate energy problems at all. wide when it comes t

does that change the narrative for these shale guys?it change the narrative for the oil industry when it comes to what the president is worried about? which is high gas prices. everybody sees it. the sticker shock is enormous. david: so far, no. we had a peek at what they are going to tell congress in their statements that they released last night, and all six of the participants are echoing the same sentiments, what they have been saying over the last month. not looking to increase production, still sticking to their 5% growth. you have an extra bit of insight from scott sheffield in his opening statements, where he talked about, if you look at the oil futures curve, he loses $25 a barrel over the next five years. that is an indication of where the oil market inks oil is going and does not see this under supply for very long. the oil companies are not incentivized to start to put in production for wills -- for wells that will produce for 30 years if the oil price is going to go down in the future. what they are really keeping their eye

the upper shop college on the board for the initial when you get amelia spiel. shale roll wrote him up with a cool give us winners after you got up. it was really an up. what was your son? let me not show yesterday so much. the only way to get that. can you make sure that let me up a release was chemical and you could feel suitable for anybody else on the, on the gun assemblies for on that up on that it's that much. it was a boy with do it over there with getting a lot the way the order to show for you, for the simplest way to keep it that way we would use it would be nice. the would have to be custom, but it was simple. the way it will, it took up less, which are very similar. so that means that you're able to to push me to spend somebody mom with his level. there's a way that i put the the video positioning stylus and show you the lucas you. it's a little slow show if i it was really to the school because here she got it was it was suitable shooting you couldn't you and your homeowners with a welcome chairs with the vehicle with you sure to looks to be doing with no unless we're stil

a blog post will be an issue when you get a 1000000 spiel shale roll him up with a call. give us afternoon. you can pull it up. i was just not sure yesterday, so much the only way to get that over. can you make sure that let me up a release was gimme a call and you could feel free to call me on the glenda. somebody put up on my little boy with go do it over there with get an image there cuz i love the way the order to show it for you, for the number of surveys would keep us updated on what it would cover it. usable was by the way to be got the booted push. typically it will, it took up less, which are very similar so many years and years able to live in severe bush and because it's been somebody. so mom with this level, there's really much in the unions. i put the the news shows video or fish think it's some of it in the show. lucille, it's a good, a talk with a little slow i it was really to the school because here she got it was the was suitable shooting you couldn't you and your homeowners, with a well from a book a will, could you know, you're sure to look to be or du

come on like a 1000000 up a shop college on the board for the industry when you get a 1000000 spiel. shale roll wrote him up with a cool give us, when you come up, it was really an up. i was just on the show yesterday. so much only with my wish to get that. can you me and i should let me up. a stylish was chemical and you could feel free to call me and somebody sped on that up on my little boy. see with go do it over there with mitchell. i left away the order to show you the number i was supposed to person. keith about say that they don't want to play with usable was pretty much the we were to be able to catch the boot. it was a simple way. it will, it took up less what you very much. so that means that you're able to live in to me because it's been somebody said, mom with this level. so there's a way that you put the video positioning stylus and show you lucille, it's a little slow show. if i it wasn't, it was quote considerable, she got it was it was suitable. sure. able to connect you and your homeowners with a welcome, a vehicle with oh, are you sure to looks to be doing it with no, i

when you get a 1000000 speel shale roll him up with a cool give us is after you come up. i was just not sure yesterday so much the only way to get that over can you me and i should let me up a solution. give me a call and you could feel free to call me on the glenda. somebody did up on my little boy. he was over there with good image there because i love the way the all the fish for just one of the surveys would have person capable of get that money into play with usable was pretty much the will lead to be for the boot. it was typically a will, it took up some nibble that you're able to live in to me, cuz it's been somebody. so mom with this level, socially, the unions. i play the, the shows video positioning. it's got some of it in the show. lucille, it's a little slow show if i wasn't really sure of school because she got it was it was suitable shooting. couldn't you and your homeowners with a check for the vehicle with oh, are you sure to looks to be doing with no unless we're still just start off with a please. i'm with for you to us. not a minus. i don't know why. ju

gum 1000000 ability up a shop college on the board for the industry when you get on board spiel or shale roll him up with a cool give us when you come up, i was just on the show yesterday. we are so much the only way to get that order. can you make sure that let me up a stylish was gimme a call and you could feel free to call me on the glenda. somebody's for on that up on let's suppose it, unless it, if you are boy he is with do it over there with getting a lot the way the order to show if it was the number i was supposed to pick it up in the morning with a couple of useable will be the will lead to the boot. it was a simple way. it will, it took up less, which is more or less so that means that you're able to live in to bush. me because it's been somebody also ambled mom with this level. so there's a way that i put it as well. the the use it shows video positioning, stylus and it show you lucille, it's a little slow show. if i wasn't really sure, a squawk is suitable to go out if it was suitable to bring your community with a welcome, a book of will, could you know you're sure to looks

you seen some of the production come back online, some of the big oil and smaller oil players, the shales, start to reinvest in a way you had not seen a month ago? javier: we are seeing an increase in u.s. production, a bit of an increase in drilling activity, but the big problem everyone is complaining about in the shale patch is they need and power, they need steel, they need a number of services, and everyone is facing huge inflation on services. we hear over the last 10 days for the service companies, they are basically sold out for the rest of the year, so you cannot get a lot of production increase when the service companies that help the oil companies increase production are actively sold out for the year. tom: i'm taking this off of a website. i'm going to go with it. italy, $9.08 a gallon. finland, $9.20 a gallon. hong kong, $10 90 since i gallon. are you observing demand destruction? javier: i pay almost eight dollars a gallon when i was filling my car up on saturday in london. tom: you're the only one in maker with a hummer h2, but continue. javier: yes, we are continuing to s

now, europe has a lot of shale on the continent spread lot in poland, other places.exploited, why not? >> the fundamental problem is partly you have a better set up for it because the people who own the ground also own the underground values. basically people who own the land get the benefit from fracking. you have lots of trucks moving in, you might have pollution and certainly smell problem, that kind of thing perjure willing to do that because you're getting a good chunk of money. in europe typically the state owns it until people get all of the trouble but none of the benefits. it's also been a lot of russian propaganda. we have this confirmed seat russia's push very hard but we know putin has been very worried about the impact of fracking. not surprisingly because if europe actually got fracking via russian gap. >> barring some technology breakthroughs which are always possible, they do tend to happen but fracking and horizontal drilling was a technology break there. how long is it going to take? who really have renewables be the dominant delivery source for ene

their shale -- there are shell casings littering the street as they search for the gunmen. good evening and thank you for joining us. to developing news on that shooting. this is the heart of sacramento's downtown entertainment district. cornell bernard has been there gathering information. he joins us live. at least six people are dead, all adult. three men, three women. this is when a fight began and all of this followed. >> we were probably about three blocks away. it was like that sounded crazy. >> gunfire echoing through sacramento, transforming a lively part of downtown into a horrific crime scene. the mass shooting took place around 2:00 p.m. near a strip of nightclubs in the center here. >> we know that a large fight took place prior to the shootings and we have confirmed there are multiple shooters. i want some answers. >> she heard that her son was one of those killed. >> my son has a wife, children. all of that. all of that is gone? because somebody wanted to pull out a gun and spray people? that is not right. >> told the young man to stay off the streets and pla

out of the factory and mario po, ukrainian, nationalist poll says continue to hold civilian human shales also with consider i was so so it was made. unfortunately, that made it seems, consider yourself to be a to always rush push. as tom diplomats aggressive anti russia, rhetoric went to the west posters with supplies of weapons to ukraine. however, some in europe and not pleased with the donations to make a decision to deliver arms to ukraine is fundamentally wrong. there will.

and to stop using civilians as human shales. meanwhile, but if the united nations on red cross are preparing to try to evacuate those trapped inside off the plasma putin, as the un secretary general agreed to the news, rushes military has declared a sci fi and area to allow humanitarian corridor is more against the reports from the outskirts of the industrial complex, this is a real complex, everything you so then the huge flood. now, a week ago, we could only hope to fly over here with our drone, but i wanted to have you with that is all part of the industrial side itself, including the red buildings right underneath us. that is where thousands of your great nations and the regulars and the hostages, that they are still holding. that is where they are. we're more or less safe here deep in shadow out when the sun sets on the other side, that is when ukrainians thought was become very yeah, all over the place with 180 degree view in priority across the entire se. last industrial complex. i learned that is a slack mountain where you, brilliant snipers are also very active, scurrying across it,

extracting shale gas from the ground. it's currently banned given its safety concerns. mps want that lifted. ministers say that won't happen unless the science changes. the government hopes this plan will make the uk less vulnerable to energy shocks in future. but with energy bills rising and set to go up again in the autumn, critics say more is needed to help people cut their bills now. ione wells, bbc news. joining me now is michael grubb — professor of energy and climate change at ucl. good and climate change at ucl. morning, michael, whé you good morning, michael, what do you make of this energy strategy �*s you make of this energy strategy "- you make of this energy strategy 's this is a test of the government's - strategy 's this is a test of the government's ability l strategy 's this is a test of| the government's ability to strategy 's this is a test of - the government's ability to set out and deliver a coherent energy strategy, to deal with twin crises facing the country around the energy sector. it is ambitious in a number of areas, and the targets are prett

vice-chancellor of germany, robert habibko, while the policy of twerk is the idea of ​​​​producing its own shaleal to the german ecology publication. in turn, he gives his readers advice to save energy, they should wash less, the newspaper claims that it is even beneficial for the skin under the influence of bacteria, supposedly it will become better. but russian banks today resumed trading in cash dollars and euros and, according to the rules of the central bank established before september 9, you can put up for sale only the currency that has entered the cash desks of banks since april 9; queues were not limited. also no. and at the same time, the bank of russia continues its long-term policy of reducing the dollar in the country's gold and foreign exchange reserves, this was announced today in the state duma, the head of the central bank reserves in gold and yuan since 2014, when geopolitical risks first appeared, in order to have, e.g., a sufficient safety cushion just in case of a geopolitical crisis, from the end of 13 to the end of 21, the share of the dollar in reserves has decreased by

principles of the green party, who have key positions in the german government, the idea of ​​​​buying shaleon of which causes great harm to the environment, as well as its delivery across the ocean. and about the so-called green transition moving away from fossil fuels in favor of renewable energy sources and completely forgot where it all is now everything is just thrown into the trash. they act in practice in a completely different way , initially serious experts and analysts warned, moreover, they publicly said that an accelerated green transition in practice would be impossible to implement without very high costs. so it turned out in fact, and now there is a wonderful reason to cover up your own miscalculations and blame everything in this case on russia that's just the western market, although certainly profitable, but do without it. russia, after all, can, because there is also the south and the east, there are two of the world's largest buyers, india and china, and the construction of the second string of the gas pipeline, the power of siberia will allow redirecting 50 billion cubic

surrounded for weeks calling for those inside to come out and surrender, and using civilians as human shales. meanwhile, but if the united nations and red cross are preparing to try to evacuate those trapped inside off the plasma putin, as the un secretary general agreed to the move, rushes military has declared a sci fi in the area to allow humanitarian, colorado more garcia, reports from the outskirts of the industrial complex. this is deal with just real complex. everything you saw when you flood now a week ago, we could only hope to fly over here with our drawn. but i wanted to have you with that is all part of the industrial side itself, including the red buildings right underneath us. that is where thousands of you, great nations and the regulars and the hostages, that they are still holding. that is where they were more or less said he, a deep in shadow out when the sun sets on the other side, that is when ukrainian snipers become very all over the place with 180 degree view in priority across the entire see last industrial complex to say that is a slack mountain where you bring in sn

i think that's quite optimistic when we look at our full cost for us shale production. we do see growth this year, but not the kind of pace that it seems. the white house is hoping for, so there's potentially a problem later in the summer, or towards the end of the year when all of these releases have happened. and yet the market is still short of supply. i was going to ask you this, this is precisely about that richard. i mean, is the amount being released from strategic petroleum reserves, whether the u. s. or other countries? is it sufficient? what would it take to make up for the destruction in russian supplies and fabulous the market? we think russian supply is going to fall by not 2000000 barrels a day compared to the pre conflict levels. and what you're looking at in the most optimistic scenario for these releases is under a 1000000 barrels a day. so it goes a long way to help bridge that down. but it isn't sufficient. you've also got to think about issue elsewhere with seeing less and less optimism that will be a nuclear deal with around with lift sanctions on t

i think that's quite optimistic when we look at our full cost for us shale production. we do see growth this year, but not the kind of pace that it seems. the white house is hoping for, so this potentially a problem later in the summer or towards the end of the year when all of these releases have happened. and yet the market is still short of supply. i was going to ask you this, this is precisely about that richard. i mean, is the amount being released from strategic petroleum reserves, whether the u. s. or other countries? is it sufficient? what would it take to make up for the disruption in russian supplies and fabulous the market? we think russian supply is going to fall by not 2000000 barrels a day compared to the pre conflict levels. and what you're looking at in the most optimistic scenario for these releases is under a 1000000 barrels a day. so it goes a long way to help bridge that down. but it isn't sufficient. you've also got to think about issue elsewhere with seeing less and less optimism that will be a nuclear deal with around with live sanctions on that c

work on the development of the tourism industry continues in shales of arina daguzova for the touristindustry, there is a tax break and a concessional lending program. in this way, a business can get a loan at 5%, and in may new investment projects will be launched until 2024, with state support, it is planned to create more than 20,000 modern hotel rooms. e, in addition, a zero vat rate has been introduced for 5 years for both working and construction guests. this year we have 3 1/2 billion rubles. and it will be directed to subsidies to the regions in order to support the regions and business for development various tourist infrastructure some kind of infrastructure. this is the creation of camping sites of various categories. it 's the arrangement of routes. this is the arrangement of the beaches with everything necessary, and the infrastructure to ensure that tourists are as comfortable as possible, a accessible and safe to rest. trans-urals in the south of siberia, the situation with natural fires has sharply aggravated; in the neighboring vargashinsky district, and in the omsk r

very much wants to destroy and switch depending on, for example, on the dependence of the american shalee visit is not hammer as the leader of the country, which is very much tied to the gas deal of the canes. he is understandable. that is, they are europeans. they are part of the europeans, first of all the austrians do not want to develop these agreements, and they are very strongly forced into them and in trinity from the austrians. they reduce the degree, reduce the intensity of the confrontation, so that these stations do not lead to each new package of these sanctions. eh, after all. austria to the economic temple, because austria is not a secret. she earns a lot from what she is, and the main gas hap in europe. i would take visiting cameras first of all with this very question. well, thanks. well, now give us a short day, please, because what is happening on the fronts is on the eve of, as they put it, the big battle for donbass well, russian troops, first of all, aviation irons entire donbass groups, strikes on several dozen objects daily. and almost 2 weeks ago from zelensky's o

the world is awash in oil, they have a massive oil discovery, the shale in the united states and on oure of the planet there is 20 of oil to go around for the short term solution. the longer-term solution will be between the entire world off of oil and gas. that will be coming because once the war is over we go back to the fact that the planet's temperature is rising and we have to substitute renewable energy in the next five years in order to not fry the planet. there is going to be a uniting factor that will come together and shipped how the energy market is playing out. there will be some changes in the commodity prices in the short term. haidi: your positioning long-term for renewables. how do you get the best exposure for now? >> the world is not going to pay attention to this trade in the next 2-3 years. but your money on the oil and cast off if you are looking to do that. in the long run, that is going to go the way of the dinosaur. in the short-term, you can make money on it if you want to. haidi: how do you play the supply chain shortage and find the companies that are going to

north sea and the government are having another think about allowing fracking, but they say the ban on shaleunless the science changes. many experts and campaigners had hoped to see plans for better insulation for homes and incentives to reduce usage. other political parties don't think today's plans go far enough. the parties don't think today's plans go far enou:h. , ., parties don't think today's plans go far enough-— far enough. the liberal democrats want to invest _ far enough. the liberal democrats want to invest in _ far enough. the liberal democrats want to invest in renewables, - far enough. the liberal democrats want to invest in renewables, we | want to invest in renewables, we want to invest in renewables, we wa nt to want to invest in renewables, we want to insulated people's homes and we want to slash taxes. that would be real action to give real help to people who need it now. if be real action to give real help to people who need it now.- be real action to give real help to people who need it now. if the uk government _ people who need it now. if the uk government are _ peopl

past shale production is based on the destructive financial model. we overspent and over borrowed as an industry and contributed to the oil price 14, 15 2019 2020 which led to hundreds of bankruptcies. as a result the industry's returns were dismal. we ended up at the bottom of thes&p 500 in stock performance over the last several years opand this led the industry falling from 12 percent to less than four percent . it became clear that for the industry to survive the model of production growth needed to change. the investment community of mutual index funds which represent the retirement funds of millions of americans demanded change. and the new model a sustainable sustainable growth generates returns more consistent with other industry sectors in the s&p 500. instead of the us throwing up one point 5 million barrels and over supplying the market long-term annual growth rates are expected to be 500 to 700,000 barrels a day over the next several years. long-term the permian basin is the only oil shale basin in this country. the drilling inventories a

of pipeline infrastructure and the poster child for cutting off access to low coast supply like the shaley cutting off infrastructure. >> massachusetts looking at state data, 76% of the electricity is from natural gas. in other words, if they need air conditioning this summer they will pay the prevailing natural gas prices is this because of the war in ukraine? pippa mentioned coal prices spiking but why are we suddenly seeing nat gas double over the past six to eight weeks? do you expect it to stay up here >> i think people are doing the work and understanding bullish indicators on the price of natural gas. we whatted a traditional underinvestment in traditional energy sources and this is sort of coming a head certainly the conflict you see in europe right now is certainly adding to that but this is a question of should we be helps the allies yes. 100% we need to do more when you realize what the potential could be here in america is if we can unleash the american energy we provide abundance and the surplus that we can use to supply if world with energy is going to give a tremendous amou

it is the new eldorado of natural gas specifically shale gas but it is obtained by fracking which isersy for the environmental impact banned in france. those conversations have become secondary to the problem of how to wean europe off russian gas. now through total france is the biggest exporterf american natural gas. >> the first three points of 2022 imports from the united states equaled the whole of lax year so we are in the course of triple or quadruple >> with no pipelines moving the gas across the ocean is an enormous challenge. it must be cooled to low temperatures so it is liquid. we reduce the volume by 600 times to the liquid state so it is easier to transport. it the only way we have to distribute it all over the world. >> it then begins the two week journey across the atlantic stor at minus 160 celsius to european ports. the car been footprint is greater because of the environmental cost of fracking, electrifying and shipping and russia to build more infrastructure threatens longer term climate goals but it is the price parts of europe have chosen to pay to avoid financin

kriti: something else the administration has been vocal about is getting the american shale sector toamp up production one of the hesitations to do that is volatility in the market. is it worth investing if two years down the road you don't get the return on investment? rebecca, is that a possibility, the ramp up, something where markets are pricing in? rebecca: oil markets are pricing in a pretty consistent ramp-up in production, but not in excessive. no one is changing estimates from a was built into last year's production. they are not saying, ok, now we will grow at 10%. there was always going to be a wrap up--ramp up at the back end of the curve. but it is not accelerating this year into next based on crude being higher. i think that is not going to change for a couple of reasons. first of all, there is a serious amount of cost inflation with services to get rates working and frack crews out to drill. there is our cost constraint at play. secondly, these are longer-term turnarounds, and they will not profit on that prudential months -- on that crude until months where the environ

it will need opec, the majors, shale companies to meet that incremental demand.ne point we have made is that oil is not fungible. you cannot use solar power to produce petrochemicals. you have to produce oil for some industries and right now we are falling short. similarly for gas prices, renewable power prices across the complex, we are seeing significant underinvestment. not just that, in fossil fuel, you have the shortage of capital but plenty of resource. in clean energy, you have plenty of capital but a shortage of metals, supply chain constraints. wherever you look, whether it is producing or distributing it, there are constraints that could see over shoots. we have talked about, what is the global spare capacity of energy? within oil we are now at 3% in terms of opec's capacity. when we talked in november, we talked five, 7%, and that was conservative. that means we could see over shoots with volatility, which flows into what this means for social unrest, the implication of societies. jonathan: i have to get to a final point, and forgive me for asking the

the encouraging of shale and opec-plus, and now this move on ethanol.ow really difference does any of this make? rebecca: each of those on their own doesn't make a huge difference. the spr is obviously the biggest and most impactful, it's a really large number however there are statistical questions as to how much can make it to the market. but if we look at everything they are doing as a mosaic, they are making some progress and we are seeing that reflected in pricing over the past week. we look at the change to ethanol waiver for ether 15, for the summer months, it is really minimal. e 15 is available in about 2500 gas stations in the united states. for context is about 150,000 gas stations in the u.s.. the gas stations where it's most prevalent is in the midwest which is no coincidence that biden will make this announcement in iowa where it will potentially lower prices at the pump by about a dime for people in the midwest. guy: how sustainable is the support? rebecca: not sustainable. i don't think it is sustainable. any barrels you draw out of the

shale will have to pick up that additional increase.el. thankfully it's come back down at least for consumers. thank you on this friday for sticking with us on a very busy week. the s & p 500 and the nasdaq do snap a three-week losing streak. next week we'll get the consumer inflation data. "kudlow" is next. larry: welcome to "kudlow." i'm larry kudlow. first up, a good op-ed in the "new york post" by general wesley clark. he's a former democratic presidential candidate. he makes a good point that this is a crucial moment in the ukraine

in the 2010s multiple boone cycles of drilling in the shale patch. were so successful they lowered prices over the years and most lost money. investors are now demanding that companies like those who are testifying today limit their drilling and focus on only producing the most profitable sites and deliver a return. this is why we are seeing more share buybacks and capital discipline because they have not been profitable in recent years and investors are looking for a return to profitability as they are in any other sector of the economy. >> but they are making profits. we just reported about exxon's profit, that it could be record profits, $11 billion for the last quarter. so that doesn't add up. that just feels like their answer of, oh, well, we don't want to hurt our investors. it seems silly. >> exactly. there's no point in debating whether companies should have profits. of course companies need to have profits and shareholders want and put pressure on companies to have profits, but we are in a special situation right now. there is a war going on

i think you're going to hear from a lot of our companies that it's the shale revolution that's causede low and stable over the last decade and why americans have enjoyed low oil prices as well as the rest of the world that's because of key abundant supply that's what we should be talking about. >> i think based on some of the prepared remarks of some of the ceos, they are going to say that in fact, we've got prepared comments from mike worth, the ceo of chevron one of the things he's going the say is, quote, i've seen statements in the press whether chevron and other companies are responsible for the oil and fuel prices i want to be absolutely clear, we do not control the price like gas and diesel and we have no tolerance for price gouging. i'm not defending them, but as somebody's father who owned a gas station when i was in los angeles, a lot of the companies being called they don't make gasoline i'm curious where the questioning is going to go. >> that's exactly right. prices are set by the global marketplace. what you're seeing is a structural imbalance of supply and demand if we

shale producers very much sticking to production and financial discipline, what that means is they are prioritizing giving money back to shareholders rather than raising output. if you look at opec and some big producers like saudi arabia and the uae that have the capacity to raise production pretty significantly and quickly, but they have all but said they do not want to do that. so it is pretty difficult to see where we get extra output from in the short-term. guy: can you do the math for me? china has a covid problem. what is that roughly worth in barrels per day? the first thing i read this morning was about iran. does not look like we will get a deal there. what is that worth in barrels per day? what is rush out of the market worth? i am just trying to work out what are the competing factors in terms of the plus or minus into the market. paul: the oil market is complicated at the best of times, but i think it is especially difficult to work out what would balance the market today, given all of those different factors that you mentioned. china, as i said, is the biggest issue right

l&g, the shale revolution.ave much less flexibility and that's the situation that putin, of course, wanted them to be in. >> daniel, thank you for joining us, there's so much that you know about this that we haven't touched on. daniel is the vice chairman at ihs market. the author of "the new map," among other books. >>> we have breaking news from the final frontier. moments ago a spacex spacecraft docked at the international space station. here's the video. it's spacex's first private charter. the first time the united states is hosting private space tourists at the international space station. russia has been doing it for years, even before the iss was built. the crew consists of four civilians who each paid $55 million, and one astronaut. they'll spend a week aboard the space station. >>> one of my favorite things doing this show on location is having the opportunity to talk to people, i've been here in lviv for two weeks now and i spoke with a group of residents in their 20s about how the war has affected t

what are we saying to the shale companies?'t grow don't you dare repeat this incident from the past i'll get paid with special d dividends and buy backs. under investment in the last six or seven years where they had to adhere to maintain social spending to get regime change and we have the global super majors esg is mission accomplished. what they have done is inject uncertainty and fear in the fear of peak demand that is leading to supply. they stopped spending in 2014. the oil price is back to 2014 levels and spending is down by half it takes four or five or six years to bring on a mega project. the demand surge, especially travel related surge later this year, combined with the short cycle saying don't grow. you have the long cycle where the cupboard is bare now i think we are in a structure -- >> oil production. okay oil production estimates here in the states, eia, back to 13 million. we are seeing rig counts up in canada we are seeing production gently nudge higher at least here, we are seeing that tick up do you think

and they've announced a review on fracking — extracting shale gas from the ground.e tory mps want that lifted. ministers say that won't happen, unless the science changes. most of this plan focuses on how to increase the uk's supply of energy, not decrease the demand, through things like insulation. the government hopes this plan will make the uk less vulnerable to energy shocks in future. but with energy bills rising — and set to go up again in the autumn — critics say more is needed to help people cut their bills now. ione wells, bbc news. let's talk to our energy and environment analyst, roger harrabin. roger, the uk produces far less nuclear energy than many other countries, for example, france, ukraine, germany. does this strategy go far to change that?— go far to change that? well, if you look back through _ go far to change that? well, if you look back through the _ go far to change that? well, if you look back through the history - go far to change that? well, if you look back through the history of. go far to change that? well, if you | look back through th

one goods chain says shales plunged in their first quarter, ending in march. is coming up on monday. reggie: there are some do's and don'ts when it comes to tripling what you know. em: nobody enjoys paying taxes. patting here or shaving there on your income can be tempting, but cheating on your tax return, experts say just don't do it. >> you want to ensure all information is reported correctly. if it is not the irs may hit you later with penalties and charge you additional interest. even in some cases it could be a criminal investigation. em: the irs has a matching process to check the numbers you input against third-party reports. >> eventually the irs catches up to us. it is not worth it. em: there plenty of legal and legitimate ways to reduce the amounts you overthrew deductions and tax credits. >> things you do not want to miss out on, there are things like the american opportunity tax credit, the savers credit, their deductions for contributions made towards our dental and medical expenses, there is an adoption tax credit, there are credits related to ch