There’s some official buzz that oil production from the Middle East could be on the rise after President Biden’s visit to Saudi Arabia on Friday. The BBC reports on the heat wave in Europe, which has ignited wildfires that have caused evacuations in Spain, France and Portugal. Thanks to inflation, the real value of the federal minimum wage is the lowest it’s been in more than 60 years.

From the BBC World Service: Amidst the second heatwave in a month, tens of thousands of people have been evacuated in Spain, France and Portugal. The U.K. is set to become home to the world’s largest automated drone superhighway. Protesters have been on the streets of Budapest for nearly a week demonstrating against proposed changes to Hungary’s tax system.

China’s strict COVID lockdowns have kept cases largely under control there. But at what cost? Today we got a snapshot from second-quarter GDP growth numbers. Plus, we break down the latest retail sales numbers with FHN Financial’s Christopher Low. Also, Sen. Joe Manchin of West Virginia appears to have spoiled the next part of the Biden administration’s economic agenda. And, a look back at how the housing shortage in the U.S. has gotten so dire.

Social events in the workplace can be great if you’re new or need a chance to network. And don’t get me wrong — you don’t want a completely bleak work environment with no play. But the “forced fun” can get old real quick. As part of our Econ Extra Credit project, this month we’re watching the Apple TV+ show “Severance,” which satirizes all that office merriment. Also on the show today: a progress report for U.S. oil producers who are trying to pump more crude to help bring fuel and energy prices down.

From the BBC World Service: Italian Prime Minister Mario Draghi has tendered his resignation after the populist member of his coalition government, 5-Star Movement, withdrew its support for a confidence vote. Also, China’s latest growth figures are a far cry from the country’s own target. And we look at how Lebanon’s reliance on remittances — money sent by citizens working abroad — is being hit by the global economic crisis.

Diane Swonk of Grant Thornton joins us on a day where stocks have opened lower and the producer price index is up. Treasury Secretary Janet Yellen is entertaining the idea of a price cap on Russian oil. The World Economic Forum once calculated that it would take a century to reach gender parity around the globe. Now … it says it’ll take even longer.

A big part of Wednesday’s hot inflation reading was the cost of gas, where retail price lags behind the wholesale price. That normally would lead to a boost in the use of mass transit, but that’s not the case. The BBC reports on how Ukraine, Russia, the U.N. and Turkey appear closer to a deal on resuming exports of Ukrainian grain from the Black Sea. We discuss how the waves of flight disruptions and cancellations during the pandemic have taken a toll on flight attendants.

From the BBC World Service: Sri Lankan President Gotabaya Rajapaksa, who still has not officially resigned, fled to the Maldives yesterday. Now he’s going to Singapore – we look at the reasons why. There’s been some progress in talks between Ukraine and Russia about getting Ukrainian grain out of the country and to hungry people around the world. A major new study suggests that people in the Arab world are losing faith in democracy’s ability to deliver economic stability.

Susan Schmidt of Aviva Investors joins us to discuss the markets shortly after the June consumer price index came in higher than expected. Contingencies are making a comeback in the housing market. A study shows that people left big cities in record numbers during the pandemic.