OPEC+ Agrees to Cut Output by 2 Million Barrels a Day

The transcript discusses the implications of a 2 million barrel per day oil production cut by OPEC, which is expected to be closer to 800,000 barrels due to existing shortfalls. The timing and optics of this decision are problematic for the White House, especially with midterm elections approaching. The presence of a sanctioned Russian official in Vienna adds to the political tension. The transcript also debates the potential impact of restricting U.S. crude exports, which could disrupt global markets. Finally, it explores the use of the Strategic Petroleum Reserve (SPR) to manage gasoline prices, which have been rising in certain U.S. regions.

What is the current average gasoline price in America, and how does it compare to prices in California?

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What options does the U.S. administration have to address rising gasoline prices?

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