So if you take a look at it youll see its more of a financial thing than in the oil situation. But surely note that month. B. S. E. Huge. Oil that is going to storage right now probably seen quite the bottom. Where we havent. Were going to. Beat oversupply situation with. Many months. I have to say in all seriousness that the collapse in oil prices is a danger for the Global Economy to be there certainly have plenty of oil. Also coming up another victim of the virus but there will be no drowning of tears in beer for 2020 the munich october fest is tapped out. Which is painful for us its a great pity because with many things this is not a normal year and this is. Were going to be the 1st. One to our viewers on p. B. S. In the United States and all around the world welcome we begin the day with the unexpected and unintended consequences of battling the coronavirus much about our world at the moment can be described as unexpected almost accidental who would have imagined just a few months ago that we would all be living in lock downs working from home or losing our jobs altogether our world tonight requires a lot less fuel and energy now that drop has been dramatic sending the oil industry into an unprecedented crisis yesterday the price for crude oil went negative falling below 0 for the 1st time ever in the 1st analysis were hearing that this should be temporary demand and oil prices will climb again how long will that take and what will happen between now and then our coverage starts with this report. When its planes arent flying and its ready to roll that empty the u. S. Can at least lay claim to one thing we certainly have plenty of oil. In fact far too much of it the president tried to calm nerves after the value of u. S. Crude went negative for the 1st time ever on monday at one point reaching minus 40. 00 a barrel in a month to go a little bit its a 25. 00 and 28. 00 or so its largely a financial squeeze and they did get squeezed the day traders who found themselves on monday under heavy pressure to sell off their created future as the rising cost of holding the all in the u. S. Is dwindling Storage Facilities means keeping it is becoming too expensive. Theres so little space for it left the u. S. Government is planning to fill up its reserves. I think we have 75000000 gallons right now capacity thats a lot its weve been building it up over a period of time but thats a lot 75000000000 barrels. So were going to get either ask for permission to buy it or well store it one way or the other it will be full but what is most needed is a written in demand brought by a restart to the u. S. Economy then they owe that continues to be pumped as unbroken pace can actually have enough places to go over more tonight im joined by ellen wald ellen is a Global Energy analyst shes written extensively about the Global Oil Market that includes her book saudi eek cohen joins me from Jacksonville Florida tonight welcome back to the day you know you work today in forbes that we may have been shocked by the negative price for Oil Yesterday but we should be very worried about what has happened to the price today why. Oh yesterday was that as the president said it was as i say a financial fluke is that what happened was that it seemed carriage sort of it just meant that the storage prices were too high for sellers to sell oil for a delivery for positive prices so it looked like oil has a value but thats not actually the case well does still have value oh were seeing today was a dramatic drop in the price of. Brant which is the International Benchmark for june delivery and so that really puts and calls into question the health and the future both the oil market but also oil demand the highest youre starting to hear that economies are planning to open no but the question is how much will that actually increase demand and given how much oil is be put into storage now well it wont want oil for a few months and then that spills into tell why and thats what we could really see depressed Oil Prices Continue like yeah i would hate to be a Shell Company in the u. S. Right now i mean these companies they have frakt themselves deep into debt how in the world are they going to survive this. Well what was interesting about this Shale Oil Industry is that it is made up of so many Different Companies and every company has its own situation has its own contracts some companies have long Term Contracts some had one Term Contracts that are being canceled those companies are more likely to have to fold or go into even clear to or even to clarify patsy but other other companies have access to high primes have asked this just storage there is still storage a bailable is just being spoken for so it really depends on the company and so theres and its very difficult to say for sure how this situation welfare the industry as a whole but week has say that there are some companies we dont know which ones will be facing difficult situations you know what will they ask they will have to set it well as difficult as that is and that means there will be difficulties in the future getting a restarted and there will be bankruptcy and closures ella do you see this this pandemic as a sea change in the Energy Market and b. Are we looking at a a world before corona that was all about oil after coronal is all about sustainable but the transition time is looking like its going to be totally chaotic. Well i do think that there is still an appetite to transition to a cleaner energy theres been a lot of talk about how great the atmosphere looks people not driving and that and planes not flying but this use of the matter is that people want to get back to work and they need to support their families this is a lot to run and a lot of that activity wires fossil fuel still so i think the question is really how long will the recovery take and what kind of shape will the recovery tape. Pick up in demand and that could be a very lengthy process and in fact could still even to this drive towards a more Sustainable Energy is so it really is a question more of the pace of the recovery i think they have Renewable Energies taking or do you do you think in the do you think well ever see a time again when crude will be you know 100. 00 a barrel. Well the big question is i do think well see much higher fuel prices in the future particularly if more and more Oil Production is shut in what were seeing now is a vast to have money that is not being spent on developing future resource and youre it every company has slashed happy x. And so because we will still need crude oil in the future that means that only become the companies or the country that have invested in those resources in the future are going to have that available so there will be a supply crunch question is really when right ellen will joining us john from Jacksonville Florida to talk about this you know this volatile Energy Market at the moment when as always we appreciate your insights thank you. As much of the world desperately wants to begin entering that post corona era we are being reminded painfully reminded that this pandemic will be our reality for some time to come that pain has a special sting tonight in bavaria germany today the government in bavaria made official what people have suspected and dreaded there will be no october fest this year the Worlds Largest beer festival where 6000000. 00 people sit together elbow an elbow wearing later hose and drinking beer and singing songs that festival unfortunately would be a playground for the coronavirus. No crowded party tents no giant mugs of beer no packed out festival site fest has been canceled for the 1st time since world war 2 about 6000000. 00 visitors flock to the worlds biggest beer festival every year. But this year the famous be a tense will not go up this is the sites where they so profess takes place to be a tense replaced by white tents where people can be tested for covert 19 this year everything is different in munich. The october face is a time to have fun and let your head down thats exactly what munich needs at the moment so its a real pity. I think its the right thing to do 1st its a real shame not to meet friends and family we live just around the corner we love going with the kids. Officials in munich said they had no other choice than to cancel the october fest saying the risk of infection join the coronavirus pandemic is simply too high. Which is painful for us its a great pity because with many things this is not a normal year and this is sadly going to be a year with the 1st. One. To cancellation of the event is not only sad news for the city it also means big financial losses. Because more souvenir shops its also Hotels Restaurants to reach outrageous and taxi drivers to. See that its hard to imagine munich without the october fest the countdown now begins for 2021 when the next october fest will hopefully take place. Well joining me tonight is martin karate hes a Marketing Consultant who has worked on both sides of the atlantic in advertising and global Brand Marketing he has spent the last decade in munich and that is where he is tonight martin welcome to the day our job or fest one of the best known cultural events in the world the last time it was canceled the world was at war i mean what does what does this cancellation what does it mean for munich. Well what it means for munich is it is pretty serious i mean you weve just heard a lot of the sigurds of what it costs 1300000000 in lost revenue. You know 6000000 visitors arent coming again but i think that one of the things that it really fails to capture when you just look at the figures alone is the sheer scale of the transformation of the city the october 1st grounds my office i used to have an office across the street in the tracing and we would see the tents going up not really tents theyre actually here holes that have to be built to permanent Standard Building codes and that would start in july and just the enormity of it all and how the city transforms at the time and thats going to be sorely missed in a conservative city like munich that could really use that that energy you tweeted today that the cancellation shows just how fragile the experience economy is and talk to me about the experience economy and what why is it so fragile. Well as the developed world got richer and richer more of our material needs were met you know most of us need food toilet paper sometimes a car things like that now those in needs that dont go away unless something absolutely drastic happens to change our lives and so its a much more reliable source of income for the businesses which serve those material needs to count on. But then as our material needs were satisfied we tend we have now tended to seek if you want to call them higher but more intangible needs will fulfillment interest entertainment amusement all those things and that is highly discretionary so the growing sector of the Global Economy has been in services now there are some services that we all buy that are not elastic you have to call a plumber you have to get health care but those bits that are discretionary which is travel intertainment so that Service Eating out as opposed to cooking at home those things you can actually do without as these months and weeks improved so that economy which is growing a lot this very fragile now germany is in a bit of a better and in a bit of a better position on that and then many other countries around the world the United States economy for example is 80 Percent Services germany is only 68 percent and that you know again thats a lot of people criticize the German Economy for that not being sufficiently modern in that sense but now were going to suffer a bit less but will still be suffering because of the emphasis on services and morrow at the economy let me ask you some models have us living with social distancing well into the year 2022 were being conditioned right now to avoid the crowds how do events such as october fest or amusement parks im thinking of disney world for example how do they entice the public to return are we looking at a massive rebranding thats going to have to take place. Well one of the things that will determine the success of maintaining those brands over the time when theyre closed is to move far up what marketers call the purchase funnel right now these tourism operators and these intertainment operators have been trading off of the good review on trip Advisor Office but what theyre going to have to do is not talk to the people who are actively searching for travel but maintain the awareness of the destination so that when its possible to travel again or to visit these Entertainment Venues then that will be top of mind or at the very least easily recalled so what marketers are going to have to do if you are in the entertainment and culture area these are going to have to move out of using you know what they call conversion Marketing Tools you know offering discounts or making a deal and just actually talk more about what it is that you stand for and maintain that to the best of your ability as a marketer for the period of time until normalized can return is that thats the 1st thing thats necessary and 2nd whats necessary to do after that is to remember that youre not going to be able to maintain the same margin on these things margin of area particularly and its the same around the world martin has been moving out market. Fortunately martin were out of time but its fascinating talking with you about what the experience economy is going to you yeah experience in the next year or 2 martin corrupter joining us tonight from munich martin thank you thank you. The white house lost valuable time because that office wasnt disbanded what do you make of that well i just think its a nasty question when you say to america are watching you right now were scared i say that youre a terrible reporter thats what i say. What do you say to americans who are upset with you over the way you downplayed this crisis over the last couple of months its people like you and c. N. N. That say things like that you could ask a normal question there was a time that. You know youre a fake you know that your whole network the way you cover is fake. Grow weve asked them to accelerate whatever theyre doing in terms of a vaccine i guess im doing ok because to the best im in which im the president of the United States despite the things that are said well it didnt take us long to assemble those examples of us president double drawn to why she yelled against the media during White House Press briefings donald trump won an election doing just that and his hostility towards journalists well the hostility has not let up today the media watchdog Reporters Without Borders sounded the alarm strongarm leaders it says are now using the fear in restrictions of the pandemic to silence a critical and free press in its annual press Freedom Index released today Reporters Without Borders writes the United States number 45 just above new guinea and that means media freedoms are satisfactory press freedoms are faring best in the nordic countries. Lets take this story now to my colleague our washington d. C. Bureau chief alexander phenomena good evening to you alexandra for much of his presidency donald trump has not been available to reporters there were almost no White House Press conferences until last month when drawn began these daily coronavirus briefings is a change but can we speak of a positive change for journalists well at least we have a chance to ask him questions but you know its always you have to be prepared for anything because anything can happen during those briefings and thats actually what im thinking when thinking when i take a seat in that Briefing Room because i attended a couple of those briefings and you never know in which move the president is is he mad at us journalists for whatever reason or is he in the mood to talk and answer questions like 2 weeks ago when i he called on me and i was able to ask 2 international questions and he unset them but then there are cases like the one we saw in the clip when he goes off to join unless asked cant legitimate questions and he attacks them and thats of course not what these briefings are about its but then of course you know that up to 12000000 people are watching so you just try to keep to be cool and to do a huge job you have to do your job but what does it mean for your job when youre sitting in that room and an aggressive president is shouting at you and standing just meters away what does it do to the work that youre drawing to do. Well as i said you just have to be prepared and you know that he can you know like pretend not to hear you question because he doesnt like you question what happens to me once or that he goes off to you and criticize you ask terrible reporter asking nasty questions but thats of course what we should be prepared for and because its important for us to do our job youre president its our viewers dont know your president the White House Foreign Press Group do foreign journalists reporting on this white house do they face challenges that did not faze him pounce did ministrations or what have you heard. Here well actually there have been 2 incidents that i had to deal with the president of the Foreign Press group in the white house both of them had to do with the chinese reporters dont get me wrong we all know that there is no freedom of the press in china and that even chinese reporters working abroad are being money toward and censor and presumably those to join the list have fell of credentials giving them 247 exits to the white house and actually the wire to us was has been so far eager to have them there. During 2 briefings stay off the questions and the president went after them asking them whether they work for the Chinese Government and after that right wing activists and right wing media went after them on twitter on social media and one of the reporters getting Death Threats and thats of course something that shouldnt happen and thats of course have to be seen in the context of growing anti China Sentiment in the you asked and in context of the trumpery election campaigns campaign that. I believe that its good for president trying to be tough on china right now people forget the white house also approves the accreditation of the journalist sitting in that room so its not like the chinese journalists are there under cover i want to ask you before we run out of time many people say that trumps daily briefings should no longer be aired live they say that were giving him a platform to spread propaganda and lies should these briefings should they be taken off the air no i dont think so i think its important that they continue that the American People can have a listen and that we still know lets have a chance to ask questions and to confront President Trump what his false statements and even straight out lies sometimes. All right our Washington Bureau chief alexander of the nominees shes fighting the good fight for words there in the u. S. Capitol alexanders always good talking with you thank you. Arts and culture have been hit hard by the lockdowns performances all over the world theyve been cancelled but now the belly dancers at the paris opera they have made a video while in quarantine they say its their way of thanking all the Health Workers on the frontline of the pandemic will leave you now with their wonderful choreography thanks for watching and if remember whatever happens between now and then tomorrow is another day youll see that. The be. The be. Good. To. Come. The good. Friday is fucking chump minus 30 celsius. The judgement call a research station the scientists want to set up. There on the front line of Climate Change research we take on the capacity to. The limit of disappearing ice Climate Change to man talk to come so were just finished. In 30 minutes on t. W. Reducing the risk of flooding and erosion by creating hillside terraces. Coanda where farmers fear losing their harvest and the Initiative Uses the techniques to create new solutions. That its proving successful. Global 3000 and. 90 minutes long. T w. House in a drama competition rival marketing numbers atmosphere color fight at times intuition love hate money. Fans friends 5 spams unfound old golf on you tube join us. Tomorrow a. Symbol of a long come flicked in the philippines. Between the muslims and the christian population. In line as fighters occupied the city center in 2000. President to turn. Was told. By the better it will never again will hold. The reconquest turned into tragedy. Is not the kind of freedom that one. Would become a deep way to islam this terror until now he says so does that mean more sitting as a result of an exclusive report from a destroyed city. Philippines in the sun. Starts on may 20th on g. W. This is g. W. Dude. But from berlin tonight searching for solidarity in europe in germany faces pressure to help the countries hardest by the Coronavirus Crisis italy and spain want to help in sharing the costs of recovery but considers a socalled koroma bonds to be taboo. In solidarity survive coded 19 also coming out
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