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CRYPTODiesel crosses $6 a gallon for the first time on record as food and consumer goods companies warn costs are mountingSep 12MACROChubu Electric Power reportedly set to pull Hamaoka nuclear restart applicationsSep 12TSLAFord's Fathom targets 100,000 units in year one as Louisville prepares for Q1 productionSep 12MACROIsraeli-Lebanese talks set for State Department next weekSep 12EARNINGSCooper Rush named Atlanta Falcons' Week 1 starter as Tua Tagovailoa ruled out with oblique injurySep 11AAPLSiri bank scam: Apple voice assistant routed 82-year-old to fake American Express number, BBB warns of wider patternSep 11AMZNAnker Soundcore Liberty 5 Pro earbuds take first price cut as AirPods 5 arrives at the same tierSep 11ENERGYAugust inflation print keeps Fed rate hike in playSep 11REGULATORYNolan McLean in focus as Mets look to steal Subway Series win from YankeesSep 11MACROAugust CPI data sharpens the stakes for Warsh's inflation callSep 11CRYPTODiesel crosses $6 a gallon for the first time on record as food and consumer goods companies warn costs are mountingSep 12MACROChubu Electric Power reportedly set to pull Hamaoka nuclear restart applicationsSep 12TSLAFord's Fathom targets 100,000 units in year one as Louisville prepares for Q1 productionSep 12MACROIsraeli-Lebanese talks set for State Department next weekSep 12EARNINGSCooper Rush named Atlanta Falcons' Week 1 starter as Tua Tagovailoa ruled out with oblique injurySep 11AAPLSiri bank scam: Apple voice assistant routed 82-year-old to fake American Express number, BBB warns of wider patternSep 11AMZNAnker Soundcore Liberty 5 Pro earbuds take first price cut as AirPods 5 arrives at the same tierSep 11ENERGYAugust inflation print keeps Fed rate hike in playSep 11REGULATORYNolan McLean in focus as Mets look to steal Subway Series win from YankeesSep 11MACROAugust CPI data sharpens the stakes for Warsh's inflation callSep 11
NewsDigital Assets

Diesel crosses $6 a gallon for the first time on record as food and consumer goods companies warn costs are mounting

The national average price of diesel topped $6 per gallon for the first time ever, AAA said Friday, a 60% jump from a year earlier that is now working through food and consumer goods supply chains. The price spike follows the closure of the Strait of Hormuz after President Trump launched the war with Iran, and executives at Kroger ($KR), Hormel Foods ($HRL), Smithfield Foods, and Newell Brands ($NWL) each cited diesel costs in earnings calls this week. Smithfield CFO Mark Hall put the timing on the record: the impact is beginning to flow through in the second half of the year.

By Miles BroadbentDigital Assets DeskSeptember 12, 20262 min read
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Key takeaways

  • The U.S. national average price of diesel topped $6 per gallon for the first time on record, a 60% jump from a year earlier, AAA said Friday.
  • Executives at Kroger, Hormel Foods, Smithfield Foods, and Newell Brands each cited rising diesel costs in earnings calls this week.
  • The price spike followed the closure of the Strait of Hormuz after President Trump launched the war with Iran.
  • GasBuddy's Patrick De Haan said 47 of 50 states have seen diesel rise more than $2 per gallon over the last year, adding an estimated $300 million in diesel costs every 24 hours.
  • The EIA now expects retail diesel to average $4.40 a gallon in 2027, 33 cents (8.2%) above its prior $4.07 forecast.

The national average price of diesel topped $6 per gallon for the first time ever, AAA said Friday, a 60% jump from a year earlier that is now working through food and consumer goods supply chains. The price spike follows the closure of the Strait of Hormuz after President Trump launched the war with Iran, and executives at Kroger ($KR), Hormel Foods ($HRL), Smithfield Foods, and Newell Brands ($NWL) each cited diesel costs in earnings calls this week. Smithfield CFO Mark Hall put the timing on the record: the impact is beginning to flow through in the second half of the year.

The numbers on the ground

GasBuddy analyst Patrick De Haan noted that 47 of the 50 states have seen average diesel prices climb more than $2 per gallon over the last year. The broader drag on the economy, by De Haan's measure, is an extra $300 million in diesel costs per 24 hours. California is on track to become the first state with an average above $8 per gallon, with many stations already above $9, according to GasBuddy. Unleaded gasoline reached $4.30 per gallon as of Friday, up $1.11 from a year earlier, per AAA. The Energy Information Administration's latest outlook expects retail diesel to average $4.40 a gallon in 2027, a figure that sits 33 cents, or 8.2%, above the agency's prior forecast of $4.07.

What executives are flagging

Food is where executives say the consumer will feel the cost first. Kroger CEO Greg Foran said Friday he expects the pressure to mount. Hormel Foods interim CEO Jeffrey Ettinger said Wednesday that the Iran war and the diesel spike are costs the company has had to confront directly. The supply chain exposure extends well past the grocery aisle. Newell Brands CFO Mark Erceg told analysts Tuesday that energy's inflationary impact has already exceeded the company's initial estimates, pointing to resin prices, which track oil, and direct diesel transportation costs. Newell's portfolio includes Rubbermaid, Sharpie, and Coleman. The next concrete data point is Smithfield's second-half results, where Hall's pass-through language will either hold or get revised upward.

About this story

Filed by the digital assets desk of MarketPR on September 12, 2026. Source: axios.com. Indicative figures are not investment advice.

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Frequently asked

Why are diesel prices rising so sharply?

The spike followed the closure of the Strait of Hormuz after President Trump launched the war with Iran, which pushed the national average diesel price up 60% from a year earlier.

Where will consumers feel the cost first?

Executives say food is where consumers will feel the cost first, with Kroger's CEO expecting the pressure to mount.

Which state has the highest diesel prices?

California is on track to become the first state with an average above $8 per gallon, with many stations already above $9, according to GasBuddy.

How much did unleaded gasoline cost as of Friday?

Unleaded gasoline reached $4.30 per gallon as of Friday, up $1.11 from a year earlier, according to AAA.

When will the diesel cost impact show up in company results?

Smithfield CFO Mark Hall said the impact is beginning to flow through in the second half of the year, making Smithfield's second-half results the next concrete data point.