Biden said he expects to make decision on gas tax holiday this week

President Biden on Monday said he will decide by the end of this week whether to support a federal gas tax holiday, telling reporters, "Yes, I'm considering it."

Such a move could save Americans as much as 18.4 cents per gallon at the pump, and Biden said he aims to have "a decision based on the data — I'm looking for by the end of the week."

Gas prices have continued to rise since the Russian invasion of Ukraine on Feb. 24, and Biden said several members of his administration are meeting this week with the CEOs of oil companies to talk about the increase in cost. "I want an explanation for why they aren't refining more oil," he added.

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His administration, which has already released oil from the U.S. strategic reserve, sent a letter last week to oil refiners asking them to increase their refining capacity, The Associated Press reports.

The gas tax funds roads, but as Treasury Secretary Janet Yellen said on Monday during a visit to Canada, "consumers are really hurting from higher gas prices" and "while not perfect," a federal gas tax holiday "should be under consideration as a policy" to address the matter.