Biden says he'll likely make decision on possible gas tax holiday by end of this week

President Biden said Monday he hopes to make a decision on whether he'll support a federal gas tax holiday by the end of this week, as soaring prices at the pump cramp American budgets heading into the summer months. 

Mr. Biden speaking to reporters in Rehoboth Beach, Delaware, said he's "considering" whether to back temporarily removing the tax, which is 18.4 cents per gallon. According to AAA, the national average cost of gas is $4.98, registering its first weekly drop in more than two months amid declining oil prices and a dip in consumer demand. It hit an all-time peak of $5.02 a few days ago.

"Well, I hope I have a decision based on data I'm looking for by — by the end of the week," the president told reporters by the beach Monday.