No. It's always fungible. Crude oil is crude oil is crude oil. Well that’s what everyone thought up until the 1970’s, when America’s oil fields went into rapid

No. It's always fungible. Crude oil is crude oil is crude oil. Well that’s what everyone thought up until the 1970’s, when America’s oil fields went into rapid decline. Here’s how it went down: US> Hello, Saudi Arabia? We would like oil. SAUDI> No. US> That's ok! As Jacko says, oil is fungible! Hello, UAE? Oil please. UAE> No. US> That's ok! As Jacko says, oil is fungible! Hello, Bahrain, Egypt, Iraq, Kuwait? > No. US> Fungible! It's fungible! Hello, Libya, Qatar, Algeria, Syria, Tunisia? > No. And suddenly, there was oil panic. Because while oil is fungible, that's an attribute of market dynamics. You have 18 suppliers? Great. Oil is fungible. If one won't sell there are 17 more. But what happens if all 18 won't sell? Without oil, some countries, like America and its military, can't function. That makes it also strategic. According your logic, the 1973 crisis wouldn't have happened. Yet it did. And it could again. Oil is fungible until it's strategic. End of sentence.