As of Monday morning, AAA's national average retail diesel price topped $6.23 a gallon as a global refining crisis sparked by the Russia-Ukraine war and compounded by the Gulf conflict sent the price of the most critical fuel powering the industrial world skyrocketing.Bloomberg Intelligence senior commodity strategist Mike McGlone warned Monday that "$6 diesel echoes 2008 gasoline shock.""Commodity spikes tend to sow the seeds of their own reversal, and diesel's first-ever surge above $6 a gallon may echo gasoline's 2008 experience. The US daily average gasoline price, at roughly $4.30 on Sept. 11, is only about 4% above its 2008 peak, which helped fuel the Great Recession," McGlone wrote in a note.He added, "Elevated stock market valuations could add to the vulnerability."On top of a fuel price shock, tech is sliding Monday morning amid fears of an AI slowdown (read the morning note). McGlone's warning comes as Patrick De Haan, head of petroleum analysis at GasBuddy, pointed out at the end of last week that some gas pumps across California hit a record $9.99 per gallon for the industrial fuel.MAXXED OUT at $9.999!! GasBuddy data showing 5 stations in California that have hit the limit and are selling diesel at the dispensers highest possible price: $9.999/gal