Heather Long

And a lot of the confusion that's going on around the world about whether there will be some exclusions for Europe or UK or Australia or...

Are these still our friends or not?

You know, but look, the general sentiment here is there was already a lot of anxiety from American consumers about high prices.

And March is certainly not going to help.

That's right.

We forget sometimes how much those oil prices flow through the entire economy, an economy where we transport goods across the country, whether it's food products or whether it's cars.

So

That's why when you really start to see oil prices get up, I would say the trigger dollar amount that I'm really watching is do we get to $90?

Do we get into the $90 again?

Because that translates to $4 gas.

And that's when you really start to see that psychological shift for both consumers and businesses to thinking that this is a higher inflation regime that we're going back to.

Exactly.

Exactly.

So we're not there yet.

And, you know, I think that's why you've seen this very muted market reaction so far.

But, you know, the million trillion dollar question is how long does this last?

And that's – I hate to use the word manageable, but every single analyst note in my inbox right now says that if it's four to six weeks, it's a manageable hit to the U.S.

economy.

It's probably a different calculation for Europe and Asia.

But the question, I think, that begins to transition when we get to something like $90 oil is –