A flashing MIL on an OBDII car means a catalyst damaging misfire is occuring, IE unless you want to risk having the catalytic converter melt down or get so hot it sets something on fire, don't drive the car like this.
Catalytic converters are always murdered by something, they never die.
You need to have the codes scanned to find out which cylinder(s) is/are misfiring and have it fixed.
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