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Biden says decision on gas tax holiday may come this week

A man pumps gas into his vehicle at a gas station in Monterey Park, Calif., on Oct. 5, 2012.
Frederic J. Brown
/
AFP via Getty Images
A man pumps gas into his vehicle at a gas station in Monterey Park, Calif., on Oct. 5, 2012.

President Joe Biden says he’s considering a federal holiday on the gasoline tax.

That could possibly save U.S. consumers as much as 18.4 cents a gallon. Biden indicated to reporters Monday that his decision could come 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. Taxes on gasoline and diesel fuel help to pay for highways.