Yep, oil is a textbook fungible resource and even if you only import <1%, any increases in global price are going to affect the remaining 99% of your costs. It

Yep, oil is a textbook fungible resource and even if you only import <1%, any increases in global price are going to affect the remaining 99% of your costs. It will be interesting to see how energy companies respond to this though. Will they play chicken with Russia to see how long it will hold on the price increase? Or will they start dropping the capex to tap the more expensive resources that the higher price point has unlocked?