If you think gas prices are bad, diesel is in its worst crisis since the 1970s and has even raised fears of localized rationing

While Americans are reeling from sticker shock at the gas pump, the diesel market is in its worst crisis since the 1970s, analysts say.

The commodity fuels much of the economy, including big-rig trucks, farm equipment and industrial machinery. Prices hit a record $5.56 per gallon in the US, up 76.5% from a year ago.