ABCNetAU: “The crisis in the Strait of Hormuz almost immediately caused a fuel price shock felt in bank accounts around Australia. Even if the Strait returns to normal, that shock will keep sending prices up in a range of industries. Economic ripples will filter through to a plethora of products, such as plastics, fertilisers, building materials, industrial chemicals, and pharmaceuticals. Anthony Halog, a researcher in the circular economy at the University of Queensland, says oil shocks take time to emerge through supply chains. “We often focus on energy. But the real depth of our fossil fuel dependence is really in materials.” And that’s because of an uncomfortable fact about our relationship to oil: it’s an ingredient in nearly every object we make. It’s hard to put an exact number on it, but Dr Halog says it’s estimated that around 70,000 everyday products use fossil fuel-derived ingredients at some point in their supply chain...”