Dielectric grease is an insulator, generally silicone based. It's good for lamp bases on trucks and trailers (as Ford applied it in the 80s) to slow corrosion. When used for ignition connections it slows corrosion and fills gaps between solid dielectrics so there's no air gaps. Since air has a much lower dielectric constant than solids, minute air gaps with high voltage applied makes the air gaps arc first leading to heating damage to the adjacent solid dielectrics.MichaelP309 said:
Here is a good YouTube video that pretty much 'splains it all. It's good stuff and restorers like us should consider using it on all those bullet connectors, especially on connectors associated with the charging system or higher currents.