Biden eyes decision by end of week on tax holiday to tame soaring gas prices

President Biden vowed Monday to make a decision soon on suspending the federal tax on gasoline to tame soaring prices at the pump that are driving up inflation and knocking down his approval ratings.

Heading back to Washington after a long weekend at the idyllic Delaware shore, the president said he hopes to decide by the end of the week whether to order a gas tax holiday to ease drivers’ pain.

“I’m considering it,” Biden (photo) told reporters after taking a walk along the pristine Atlantic Ocean beach near his vacation home. “I hope to have a decision based on the data — I’m looking for by the end of the week.”

Gas prices started to climb last year and surged again when Russia invaded Ukraine in February, sparking sanctions against Moscow that increased the price of oil.

The average price of a gallon of gas is just under $5 a gallon, near all-time highs, according to the American Automobile Association.

Biden said members of his team were to meet this week with the leaders of the major oil companies to discuss rising prices.

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

Strolling on the beach with his daughter Ashley and granddaughter Naomi, Biden stopped frequently to chat with vacationers enjoying the Juneteenth federal holiday at the shore.

He sought to reassure them that inflation would soon ease from a four-decade high hit in May and that he would not let the economy slip into recession.

“We’re going to get through this, guys,” Biden told one group.

The White House has already played plenty of cards to help give drivers some relief, like releasing oil from the U.S. strategic reserve and increasing ethanol blending for the summer. But nothing has done the trick.

Oil refiners say their ability to produce more gas and diesel fuel is limited, meaning that prices could remain high unless demand starts to wane.