Jeff Currie argues that focusing solely on crude oil prices, currently around $90.94 for Brent, is misleading. He emphasizes that consumers do not use crude oil directly; instead, they purchase refined products like gasoline, diesel, and jet fuel. These refined fuel markets are experiencing a significant shock, with European diesel trading at nearly double the price of Brent crude. This indicates a breakdown in the historical correlation between crude and refined product prices. A recent surge in crude supply trapped in the Strait of Hormuz and China's subsequent reduction in refinery runs exacerbated this issue. This situation has shifted the shortage downstream, from crude to refined products. Currie suggests that past government strategies of releasing strategic reserves to manage market perceptions are no longer effective due to the current disruption's scale and duration. The immediate impact is evidenced by substantial price increases in gasoline and diesel, which directly affect transportation and industrial costs. He anticipates that refiners will eventually increase their operations to capitalize on high margins, correcting the dislocation. However, until this correction occurs, the seemingly stable crude oil price presents a false sense of security to investors, as consumers are already facing the brunt of the energy shock.