Record Diesel Prices Threaten Inflation and Midterm Politics
SPGI sits 23% above its 52-week low of $360.945 on light trading volume (0.4× avg).
Summary
Diesel hit a record $5.85/gallon, surpassing the 2022 peak, while gasoline is the priciest ever for Labor Day weekend at $4.15/gallon. The surge stems from refinery outages, the Strait of Hormuz closure, and heavy U.S. diesel exports. S&P Global analyst William O'Neil warns of unavoidable widespread price pressure. Higher fuel costs are already hitting food producers like J.M. Smucker and Campbell's, and farmers spent $1.4B more on diesel this planting season. With midterms approaching, the administration faces pressure to curb exports, though officials deny plans for restrictions. Watch for any policy shift on diesel exports or further refinery disruptions.
At the time of this announcement, SPGI was trading at $442.63 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $130.5B. The 52-week trading range was $360.94 to $522.35. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.