Fuel shortages are the more important oil crisis because it is fuels that the world consumes, not unrefined crude oil. Yet ever since the U.S. and Israel launched their first strikes on Iran at the end of February, it is crude oil prices that have been hogging headlines. Now, attention is turning to fuels, because fuels supply is running low—and no amount of social media posts by President Trump and media reports about ample crude supply can change that. What’s worse, they would lower U.S. crude oil stocks, which are already quite uncomfortably low. China is not changing its policies with regard to fuel exports, not at current crude oil prices.