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1:03Now PlayingBiden considers gas tax holiday amid soaring prices | USA TODAY
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1:03Now PlayingPresident Biden says he is considering a gas tax holiday and will meet with oil and gas company leaders amidst record high gas prices.
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President Joe Biden said Monday that he hopes to make a decision about a gas tax holiday by the end of the week, as the administration looks for ways to ease record fuel prices in a midterm election year.
Biden said he is considering a pause on the federal gas tax, which some lawmakers in his party have pushed as a way to reduce prices at the pump for Americans. "Well, I hope I have a decision based on the data I'm looking for ... by the end of the week," Biden said Monday on vacation in Rehoboth Beach, Delaware.
The gas tax adds 18.4 cents total per gallon of gasoline – 18.3 cents in excise tax plus 0.1 cent in a storage fee. For diesel, it is 24.3 cents plus the 0.1 cent fee. The national average price for a gallon was $4.981 on Monday, according to AAA.
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