Biden: Gas Prices Will be High for 'As Long As It Takes'

The transcript discusses the implementation of an oil price cap on Russian exports as a response to high gasoline prices globally. It explores the impact of the war on oil prices, potential strategies to manage these prices, and domestic measures to provide relief to consumers. The discussion includes the role of NATO, insurance restrictions on Russian oil, and the release of oil reserves to stabilize prices.

What is the primary reason for proposing an oil price cap on Russian exports?

• To decrease oil production

• To support Russian economic growth

• To respond to high gasoline prices worldwide

• To increase global oil prices

How long is it expected for drivers to pay a premium due to the war?

• For the next decade

• Until oil prices reach $100 a barrel

• As long as it takes for Russia to be contained

• Until the end of the year

What strategic action is mentioned to limit Russia's economic gains from oil?

• Strengthening NATO and limiting insurance for Russian oil ships

• Increasing oil imports from Russia

• Providing subsidies to Russian oil companies

• Reducing NATO's presence in Europe

What domestic measure is proposed to help reduce gasoline prices?

• Increasing gasoline taxes

• Releasing oil from the Strategic Petroleum Reserve

• Increasing oil production in Russia

• Banning all oil imports

What is the estimated immediate impact of the proposed domestic measures on gasoline prices?

• Increase by $1 per gallon

• Decrease by $1 per gallon

• Double the current prices

• No change in prices