President Joe Biden told reporters Monday that a pause on the federal gas tax is possible even as gas prices cool off.

"I hope to have a decision based on the data I'm looking for by the end of the week," Biden said.

Implementing a federal gas tax holiday would eliminate 18.4 cents off the price of gas per gallon at the pump, USA Today noted.

Many states have implemented "gas tax holidays" for months at a time once prices started surging. States like New York, Georgia, Connecticut, and Maryland already implemented these holidays.

However, that is not the only option that the White House will consider. Another option would be sending gas rebate cards to Americans. Biden also said that was "part of what" the administration is considering. He said it is "part of the whole operation."

Biden added the administration would meet with oil and gas CEOs this week to discuss prices. Specifically, Biden wants an explanation as to "how they justify making $35 billion in the first quarter." 

"I want an explanation from them on why they aren't refining more oil," he said.

Biden addressed the issue amid a potential nationwide gas boycott, which could come from July 3 to 5. On these dates, those participating will not buy gas in an effort to raise awareness about price gouging.

Still, the nationwide average gas price dipped down over the weekend and into Monday to $4.981. However, these prices vary greatly across the U.S. 

California, Nevada, Oregon, Washington, Arizona, Illinois, Alaska, and Hawaii all have gas prices 10% above the national average. Idaho, Utah, Indiana, Michigan, Pennsylvania, New York, Vermont, Maine, and Massachusetts have gas prices 5% above the national average.

The remaining states either have prices at or below the national average.

US President Joe Biden, shown here at the White House in Washington, DC on June 17, 2022, has downplayed his upcoming meeting with the heir to the Saudi throne US President Joe Biden, shown here at the White House in Washington, DC on June 17, 2022, has downplayed his upcoming meeting with the heir to the Saudi throne Photo: AFP / MANDEL NGAN