americans are feeling, the supply chain out of whack? what is happening? what is going on here? you said the magic word. supply change. look at gas prices. oil closed today. 80 bucks, the global benchmark. $83. we re seeing it at the pump. $3.28 says aaa. the highest it s been for oil in seven years. no more supply coming. you see the biden administration asking opec to pump more. there is huge demand. we want to get out, we want to get around, and what happens? supply, demand, you wind up paying more. it s a sign of recovery. people want to be driving. there is a catch to it. you bet. you bet. the chip shortage. let s talk about congestion at the ports. a lot of truck drivers, disruption, will get worse before it gets better.
ship. let s discuss with kai ryssdal, the host of public radio s marketplace. kai, thank you. i want to get to the overall picture and then talk about something specific. we ve got to talk about what americans are feeling at the gas pump, supply chain completely out of whack. what s happening? you said the magic word, right? supply chain. look at gas prices. oil closed today above 80 bucks. the global benchmark, $83. we re seeing that at the pump. it s like $3.28. there it is on the screen. $3.28, says aaa. highest it s been for oil in seven years. there s no more supply coming. you see the biden administration asking to pump more. there s huge demand. we want to drive and get out and go around and what happens is supply/demand, you wind up paying more. that s that. it s a sign of the recovery because more people want to get out and they want to be driving,
this morning that pain you are likely feeling at the pump may feel like it s getting worse by the day. gas prices are up, they re now at seven-year highs. joining us is pete muntean live from a gas station in alexandria, virginia. tell us what s behind this right now. what s behind the supply crunch? reporter: well, jim, you know, this is really going to sting for a lot of folks who got used to low prices. gas was about $1.77 a gallon during the depths of the pandemic, $3.15 for a gallon of regular in virginia, which is actually lower than the national average now, which just hit $3.28 a gallon. up eight cents in the last week. and analysts say it s rally the price of crude that is driving this, which just hit $80 a barrel for the first time in seven years. analysts anticipate it will hit $85 or $90 a barrel by the end of this year.
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virus fears were spreading across the globe and a major ebola outbreak reach the united states. seven years ago, the last time we saw oil and gas prices like what you will find at your loca pump right now according to aaa the average cost of a gallon of gasoline $3.28 a gallon up from a week ago and that is up from $1.77 for a national average in april of 2020. all of this as critics are warning the proposal from the democrats democrats tax-and-spend lien could push the sky high gas prices even further. foxbusiness anchor joins us now. this is a very very real proble because you combine that with the labor shortage, the trucker shortage, the inability to get people to get those containers off the ships, and then when sh got people in the trucks, if you re lucky enough to be able to supply those workers, it s going to cost you that much mor