MarketPR
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.
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