"Yes, I'm considering it," Biden told reporters after taking a walk along the beach near his vacation home in Delaware. "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 the public 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.
Biden said members of his team were to meet this week with CEOs of the major oil companies to discuss rising oil prices. Biden lashed out at oil companies, saying they are making excessive profits when people are feeling the crunch of skyrocketing costs at the pump and inflation. But Biden said he would not be meeting the oil executives himself.
"I want an explanation for why they aren't refining more oil," Biden said.
MORE: Nationwide average price for a gallon of gas tops $5 for first time ever
The Biden administration has already released oil from the U.S. strategic reserve and increased ethanol blending for the summer, in addition 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 Wednesday 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.
In an interview Sunday on ABC's "This Week," Treasury Secretary Janet Yellen expressed an openness to a federal gas tax holiday to give motorists some relief.
Strolling on the beach with his daughter Ashley, granddaughter Naomi, and his granddaughter's fiancé, Biden stopped frequently to chat with beachgoers who were spending the Juneteenth federal holiday at the beach.
He took a moment to offer assurances about inflation - the consumer-price index increased to a nearly 40-year high of 8.6% in May from the same month a year ago - and growing warnings from economists that a recession may be around the corner.
"We're going to get though this, guys," Biden told one group of beachgoers.
SEE ALSO: How to prepare for a possible recession in the upcoming months
Last week, the Federal Reserve stepped up its drive to tame inflation by raising its key interest rate by three-quarters of a point - its largest increase in nearly three decades - and signaled more large rate increases to come.
Former Treasury Secretary Larry Summers told NBC's "Meet the Press" on Sunday that in his estimation, "the dominant probability would be that by the end of next year we would be seeing a recession in the American economy."
Biden said he spoke with Summers, who served as treasury secretary in the Clinton administration, on Monday morning.
"There's nothing inevitable about a recession," Biden said.
Weekly U.S. Regular Price per Gallon
Associated Press writer Josh Boak contributed from Baltimore.