The high cost of diesel is rippling through corporate supply chains. Walmart said in a memo obtained by the Wall Street Journal that it will begin adding a fuel surcharge on some of its suppliers next month. Amazon imposed a similar fee on sellers who use it for certain fulfillment services in April.

The impact is already reaching store shelf prices, and analysts say to expect more of the same.

"Essentially, all goods that have to be shipped by trucks are going to be impacted," said Michael Englund, chief economist at Action Economics. He pointed to the climbing cost of groceries -- Wednesday's CPI report showed the cost of food at home jumped more than 12% on a year-over-year basis -- as one stark example.

More expensive diesel doesn't just increase the cost of transporting food -- it raises the cost of growing it as well, and agriculture sector experts are warning that sustained high prices could lead to shortages.

Kyle Kotzmoyer, an official with the Pennsylvania Farm Bureau, told lawmakers in that state during a June hearing that some farmers can't afford to run their tractors and are abandoning energy-intensive crops like beans and corn as a result.

"A lot of industrial processes are heavily dependent on transportation," Englund said. This includes the production and transport of building materials and supplies, putting additional pressure on an already punishing market for home buyers as well as renters.

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Some analysts say even a painful recession might not stop the squeeze. "While that will certainly curtail demand, I wouldn't expect to see heavy easing in terms of prices, just because there's very little excess capacity in the marketplace to absorb any additional demand," Fitzpatrick said.

"People cry wolf on oil prices," Kloza said. "This year, I think the wolf is at the door for diesel."