there s a lot of alternatives. we haven t made up our mind yet. the white house evaluating how to respond as some key global economic forecasts have gotten gloomier. so what do all these forces mean for you at home and your wallet? let s discuss with cnn s matt egan. he s at the new york stock exchange. and cnn s kaitlan collins is with us from the white house. so matt, lay it out for us. is there a direct cause and effect between this production cut and prices at our local gas station? ana, the simple answer is yes. we re already seeing an impact. just ten days ago recession fears drove world oil prices down to eight-month lows but they have since raced back to life in large part because of rumors of this opec supply cut and now the actual official confirmation. and prices at the gas pump are responding swiftly. a gallon of regular now fetches $3.87 nationally. that is up from $3.83 just a day ago. up nine cents over the past week. prices are still lower, of course, than
that s what the white house wants to talk about. they believe they delivered. the president is dealing with a decision that was made out of his control. the significant, dramatic cut that was made in output levels by opec. the president, blunt, in his view of that. what s your reaction to the opec decision? disappointment. don t hurt him. is it going to be there s a lot of alternatives. we haven t made up our mind yet. reporter: there s so many different elements of this, the domestic economy, the global economy, the bilateral relationship, the geopolitics in the midst of the war in ukraine, and politics, 30 days out from the election. the white house is working on a series of options that the president may pursue to block major increases at the pump. they are aware this is a global market. a decision made by some countries that the u.s. viewed a s allies or should have been allies leading up to it. the disappointment is real. some rage, to some degree, when you t
president biden is in poughkeepsie, new york, touring an ibm facility. he is expected to make comments at any moment about his administration s efforts to boost the u.s. economy. with 33 days until the midterm election, the economy is the number one issue for voters. as the president tries to implement his checonomic plan, opec s raising prices will almost increaskrcrease gas pric. phil, what is the president s plan? reporter: this evictor, this day, is a perfect encapsulation of the administration s struggles and balancing act when it comes to the economy in the entire time in office. the president is here in poughkeepsie to talk about a new $20 billion investment from ibm that had been committed to, in large part, because a cornerstone legislative achievement. one of a myriad of legislation.