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.Unfortunately, the global economy is experiencing a shortage of refining capacity. Because of Ukraine’s necessarily devastating attacks on Russia’s oil refineries, prices for gasoline, diesel, jet fuel, and other refined products are rising sharply. Refined fuel prices reflect an implied oil price well above $100 per barrel, even as West Texas Intermediate, the U.S. benchmark, trades near $80 per barrel. Refining companies are earning historically high margins, not because of price gouging but because of basic supply-and-demand dynamics. Simply put, the world does not have enough refining capacity. The media should devote more attention to the state of the global refining industry and less to the daily fluctuations in crude oil prices.