The jet fuel shortage is driven by the fact that it is produced in the in the Middle East, says McTeague. He points to Qatar, which “has the single largest facility in the world, and it’s been offline now, five weeks. It’s a declared force majure after drone strikes affected its production. So, this is kind of a long wave. We won’t just be talking higher prices. Around the world, the real issue is a supply shock. Supply shocks aren’t like demand shocks, you know. Demand came back after COVID. Everything’s fine.”