And the pandemic could double the number of people going hungry around the world. And finding ways to stay in business how small shopkeepers in iraq is survival in the coronavirus restrictions. Now with the pandemic throwing world all markets into turmoil donald trump says his government will bail out the u. S. Industry the president told his energy and treasury secretaries to formulate a plan to make Funds Available to ensure the survival of american oil and Gas Companies well that follows an unprecedented collapse in u. S. Prices because of a plot in supply the u. S. Futures market dive deep into negative territory for the 1st time ever on monday the lowest the price of the benchmark u. S. W. T. R. Blend sank to minus 37. 00 a barrel the International Benchmark brant crude is trading at around 20. 00 a barrel but thats still its lowest price since september 11th attacks in 2001 we have gay. Real amazon though on wall street tracking the fallout of the us oil crash but 1st our White House Correspondent kimberly how kimberly so do we know how much money the trumpet ministration is going to throw the oil industry what shape its going to take and for how long this bailout may go on for. More left trying to determine if this is an existing program or something new its really unclear just how much money oil and Gas Companies could receive when they could receive it which companies could receive it we do know in the past the u. S. President had spoken to both as Energy Secretary treasury secretary had said that there would be the option of for oil and Gas Companies to tap into a program called the keris act that was put in place in that rescue package by congress that it was known as sort of phase 3 or this could also be special loans coming through the Federal Reserve its really unclear what the president is referring to what is clear is he is trying to calm the very nervous market and kimberly this is basically the ministration trying to meet the liquidity crunch which these companies are facing and try and stop them from closing right. Absolutely there is no question that there are many oil and Gas Companies that are on the smaller side particularly with the fracking industry in the United States many of them are in small towns they have a limited number of employees and theyre really hanging on trying to keep these businesses open and alive waiting for the economy and the oil markets to stabilize and bounce back so this is no question this is an effort by the u. S. President who has a jobs for as event to try and sort of stabilize the job market in this sector given the fact that tens of millions of americans have been losing their jobs in recent weeks and the Bigger Picture is this is the administration and the president trying to keep america as the number one on oil producer in the world. This is something thats really important to the u. S. President campaigned on it in 2016 when he took office he made it a priority in 20172018 he achieved this Energy Independence for the United States making it one of the Top Producers you know sort of above russia saudi arabia it was a significant achievement one that the u. S. President in his view wants to maintain now in the midst of all of this the u. S. President is trying to sort of cast an optimistic tone about these plunging oil market prices that in fact he says this is something that short term its based on demand the fact that people are not traveling theyre not driving once this is up and running that this will turn around but at the same time he is also trying to put in place his own prescription he has suggested and that congress should approve the purchase of topping the domestic Petroleum Reserve some 75000000 barrels but heres the problem with that the oversupply is estimated about 20000000 barrels a day in other words this purchase would really only solve the problem i have with my mouth for about 3 and a half days so even if Congress Approves that it still is a very short Term Solution for what is looking to be a more long term problem theres a warning scenario thats fine kimberly how talking about looking at the. The scenarios emerging on the markets who got to go over now to gabriel and his on the on wall street gabriel 1st of all are they tell some where the price stands for both the u. S. Spend w. T. R. As well as the International Benchmark brant maybe explain to viewers the difference between the 2 for those who want very familiar with all markets. Yeah its important to point out because not all oil is the same and not all oil costs the same amount of money or is being priced the same right now brant crude oil as oil its used on the International Market by 3 fourths of the world uses brant crude is really the benchmark International Standard thats crude oil that comes excuse me from the from the north sea area then you have whats called w t or west texas intermediate thats american oil from texas north dakota and primarily louisiana as well its a w t thats the one that has had this historic and unprecedented drop in price on monday and its now going for about 9 dollars a barrel or so so its gone up a little bit but its still a century the price of to capture you know here in new york city if you will to put it in very simple terms in terms of brant crude that said a little under 20. 00 now so 2 very different oils both are important both are monitored very very closely of course but its important point to point out the differences of them as well the different prices of where theyre coming in at the but the bottom line is that the crude oil market around the world is definitely continues to be in historic low levels so oil is down and weve been focusing we should explain perhaps of you is the way the oil is priced is depends on the month of delivery and when we spoke about in the last 24 hours of the crash in the benchmark u. S. Price that was from a delivery but now looking at june delivery july delivery its also heading south right in terms of the price. Yeah thats right this looks like its going to go on a while a youre right on monday we were we were looking at the may prices but now whats going on is is that june in july what were seeing there is its priced ahead of time each month is were now seeing in june and july also dropping and june now is under 10. 00 a barrel that was just in the last few minutes or so so what youre seeing traders here on wall street looking at is the immediate term may but theyre also looking at june and july seeing the prices dropping there as well and that is why the stock market continues to be suffering all 11 of the s. And p. Sectors are in the red on tuesday the dow has lost about 552600 points last time i checked a minute or so ago thats where its been hovering about all day so the market selloff is in direct correlation to not only the Current Oil Situation but also looking to her towards june and july with the u. S. Economy the biggest economy in the world shut down now and shut down probably probably for the forseeable future because on wall street its becoming increasingly clear that when the u. S. Economy gets started again when u. S. Economy reopens its not going to happen with the flip of a light switch its going to take weeks perhaps even months on us thank you for breaking it down so clearly and succinctly for people to understand thanks so much gabriel good job. Oh mrs from some of the worlds Top Oil Producers have been meeting by Conference Call the opec representatives believed to be discussing how to implement those agreed to all production cuts immediately rather than waiting until may the 1st saudi arabia in the United Arab Emirates taking part in the meeting the go now to assam a binge of aids and give us a regional perspective on whats going on so just bring us up to speed with the extent of the revision that. Being this cast to the old carts. They are not being revised by opec nations at least by the ones who met these are not all opec nations and did not include the opec upness which is russia and as you mentioned the love of the big players the saudis in the air are these were not that essentially the feeling is that opec is doing all it can to try and remove the glut from the market Excessive Oil that is available but it is not going to be possible for them because it is a difficult position that they find themselves in their problem is that they have had to cut and essentially 10000000 barrels of oil that thats about nearly all the capacity of saudi arabia have been or back in opec plus but that hasnt really made a dent in the oil prices. That is the reason is that nearly 30000000. 00 barrels of Excessive Oil is a vailable in the market for opec in opec last produces so it is going to be a difficult balancing act for these nations to come together who came together on the request of algeria they say that there might hold more consultative meetings in in the future but opec plus is waiting for countries like canada and the United States in norway for instance to try and balance the market because they would have to chip in it was not going to be up to individual countries they need to be a collective effort to get rid of the glad and bring the prices up so short doesnt sound like its very good news that the saudis and the moralities are in this meeting why. Are we obviously having some problems there with us. Thank him. Its time to shift gears just a little bit because donald trump is declaring hill suspend all immigration to the u. S. To protect american lives and jobs from coronavirus which hes calling now the invisible enemy the move announced via twitter is in line with what hes tried to achieve throughout his presidency the one the white house you remember in part on a promise to build a wall on the Us Mexico Border his administration has since cracked down on both legal and illegal entries under that executive order back in 2017 the u. S. President banned travel from several muslim majority countries this was later modified after some legal challenges since february and march traveled to the u. S. From china parts of europe and the u. K. Has been blocked due to corona virus we on frescoes an immigration attorney and the former Deputy Assistant attorney general in charge of immigration at the u. S. Department of justice he says this would be one of trance most significant moves to close off the country yet. But whats new is that its a formalization of what it been an ad hoc process of closing embassies and consulates around the world and so the 1st step is to the extent that this order actually provides that they certain and actually closes all embassies and consulates around the world that will be a new barrier to allowing people day enter the United States that also needs to be withdrawn before people enter the United States all thats new and whats not clear and what will need to wait to see the order about is will there actually be people in the United States who are not allowed to remove or change their visa as part of this order while that probably would be illegal its unclear whether that will still be attempt to be included in this order if people are told that the United States is now closed for business that is going to be a dramatic change and it wont just be the kind of change that the president is in visioning which would be what he views as sort of a direct one for one replacement Foreign Worker with American Worker many people who come on these cortical work visas are actually coming to open companies and to create Foreign Investment in the United States and so if youre not doing this with a scalpel instead of a hammer youre actually causing more damage rather than less. Now in the 5 months since the 1st patients infected with corona virus 4 identified everyone seen dramatic changes i think we can all agree on that some may be temporary but others well theyre probably last longer in ca since the 1st cases where identified in war while in china the disease spread rapidly with more than 170000 deaths and 2 and a half 1000000 confirmed cases worldwide many countries went into lockdown for weeks even months almost all Major Economies are now struggling the i. M. F. Well its predicting a recession at least as bad as after the Global Financial crisis in 2008 or even the Great Depression of the 19th thirtys less developed countries where theyll suffer the most the pandemic has also changed relations between nations borders within the European Unions schengen zone of being shut out the us wants to stop all immigration and the americans britain france and nearly 2 dozen african nations have criticized the chinese governments handling of the crisis of peter franco pan is professor of global history and Oxford University and author of the new silk road see joins me now by skype from oxford good to have you with us but if we can i want to focus a little bit of the idea of the globalization as a result of this coronavirus epidemic as we see countries nations fighting over ventilators and masks rather than trying to cooperate is coronavirus going to shift in particular supply chains away from china and make them more localized going forward. I think its its too early to tell a lot will depend on how we come out the other side and a bubble how long that takes i mean i think theres a lot of talk right now about about moving of supply chains and that the virus has become very heavily politicized bubble in between china and i said states but in many other countries and areas too so the challenge is going to be what is the global world going to look like when we come out the other side so moving supply chain to it sounds very easy but in practice its meaningless until we sort of have a look i think about about. Whats going to happen to big economies whats going to happen in in the developing world in emerging markets whats going to happen in the global south and whats going to happen with distribution of jobs so i think its very very hard to predict exactly whats going to exactly what im going to ask you to do is try and help us to predict what is going to happen to jobs to emerging economies to technology which continues to bring us closer together whatever happens even if supply chain and production moves us apart i mean just because you might produce more locally doesnt mean you want to sell only locally right yeah ok so ill give you 2 children it is one is that this whole policy is by relatively calmly and theres a lot of shots fired in angry words here and there but we go back to a world that looks fairly similar where there are consumers this is a kind of cardiac arrest moment that consumers get back on their feet economies start turning again and we go back to a sort of version of what was normal before thats a kind of soft soft well which i thought most of us probably on balance should probably want some formal. I thought the alternative in a worst Case Scenario apart from massive depressions apart of the fact that in the gulf for example there are very high levels of of known transmittable diseases theres been a well thats becoming harder and lots of ways that we see militarization but between nations but also inside nations i think that there is a significant scope for state failure i think thats significant ability for governments when they are suppressed circumstances and long periods of time and they are not able to meet their outgoings that you can see in the 1st instance demand for regime change that sees elected governments change when the worst case you can see people take matters into their own hands with a with a form of global dissent revolutions that happen all around the world and no no system is immune to that whether your democracy a partial democracy or a tarion state and i think that the challenges in that world we should be kept what we wish for when we start thinking about decoupling Global Supply chains we Start Talking about National Security when we talk about everything in new technologies through to availability of materials you know history proves in the past that kind of talk can spill very quickly into a system where global failure i weld was thought to be something significant so i think we need to be very careful what we wish for in terms of the predicting of this nightmare Case Scenario but there is scope for that to happen you know right now with the oil being being paid to the people to take it away thats going to put very significant pressure on the budgets of states in some cases have very limited forms of governments to protect that not just in the gulf but in a place like venezuela has like azerbaijan where 90 percent of the the exports are through oil and Energy Energy resources and when that fails it dries up then well its not its not surprising that you know youre only 3 meals away from putting a break through somebody elses windows so i think that there is a there is it not thats an area that is really in play here and its up to Global Governance through the United Nations or multi not relate. These and through our politi