Biden says decision on gas tax holiday may come this week

REHOBOTH BEACH, Del. (AP) — President Joe Biden said Monday that he's considering a federal holiday on the gasoline tax, possibly saving United States consumers as much as 18.4 cents a gallon.

“Yes, I'm considering it,” Biden told reporters after taking a walk along the beach near his vacation home in Delaware.

“I hope to have a decision based on the data — I'm looking for by the end of the week.”

The administration is increasingly looking for ways to spare the public from higher prices at the pump, which began to climb last year and surged after Russia invaded Ukraine in February.

Gas prices nationwide are averaging just under $5 a gallon, according to AAA.

Biden said members of his team were to meet this week with CEOs of the major oil companies to discuss rising prices. Biden lashed out at oil companies, saying they are making excessive profits when people are feeling the crunch of skyrocketing costs at the pump and inflation.

But Biden said he would not be meeting the oil executives himself.

“I want an explanation for why they aren't refining more oil,” Biden said.

The Biden administration has already released oil from the US strategic reserve and increased ethanol blending for the summer, in addition to sending a letter last week to oil refiners urging them to increase their refining capacity.

Yet those efforts have yet to reduce price pressures meaningfully, such that the administration is now considering a gas tax holiday.

Taxes on gasoline and diesel fuel help to pay for highways.

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