In this discussion I clarify that the current energy market tightness is not a crude oil shortage but a severe refining capacity problem, particularly impacting Asia. While US production has surged to 24 million barrels daily, allowing for exports, a lack of refined products in Asia has driven local prices to the equivalent of over $150 per barrel. I attribute the volatility to geopolitical tensions, noting that oil prices swung from the high $90s to $67 before rebounding into the mid-$80s on renewed conflict fears.