Diesel Hits Record $8.44 a Gallon in Parts of California Amid Supply Shock

Diesel just hit a record $8.44 a gallon in parts of California.
Call it what it is: a supply shock. Refined products can't get out of the Middle East after the war knocked out refining runs, and the U.S. is one of the only places left exporting diesel. Los Angeles is above $8 and the national average keeps climbing.
Diesel moves freight, farming, and factories, so a spike like this taxes the real economy while broad prices stay calm. The other side of the trade is refiners, and their margins are going vertical.