American consumers do not put oil into their gas tanks. America’s truckers do not fuel their rigs with crude oil, and the nation’s commercial aircraft do not fly on oil. Consumers buy gasoline. Trucks run on diesel, and airlines depend on jet fuel.

What matters to consumers and the broader economy is the price of refined fuels, not simply the price of crude oil. Oil prices are important, but at the moment, what matters even more is the capacity of the global refining industry to convert crude oil into usable products.