President Joe Biden said Monday that he's considering a federal holiday on the gasoline tax, possibly saving Americans as much as 18.4 cents a gallon. "Yes, I'm considering it," Biden told reporters after taking a walk along the beach. "I hope to have a decision based on the data — I'm looking for by the end of the week." The administration is increasingly looking for ways to spare Americans 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. The Biden administration has already released oil from the U.S. strategic reserve and increased ethanol blending for the summer, in additional to sending a letter last week to oil refiners urging them to increase their refining capacity. Yet those efforts have yet to reduce price pressures meaningfully, such that the administration is now considering a gas tax holiday. Taxes on gasoline and diesel fuel help to pay for highways. The Penn Wharton Budget Model released estimates showing that consumers saved at the pump because of gas tax holidays in Connecticut, Georgia and Maryland. The majority of the savings went to consumers, instead of service stations and others in the energy sector. Biden also reiterated his point that despite skyrocketing infaction, a recession is not inevitable. "There's nothing inevitable about a recession," he told reporters. In an interview with The Associated Press last week, the president made the case that U.S. is "in a stronger position than any nation in the world to overcome this inflation.” Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm Subscribe to our newest channel Quicktake Explained: https://bit.ly/3iERrup Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30 Connect with us on… YouTube: https://www.youtube.com/user/Bloomberg Breaking News on YouTube: https://www.youtube.com/c/BloombergQuickTakeNews Twitter: https://twitter.com/quicktake Facebook: https://www.facebook.com/quicktake Instagram: https://www.instagram.com/quicktake