Earlier quoted context omitted.
Given canada has so much oil,is the hormuz situation really a net negative for canada ecconomically? Like obviously its terrible in general, but id expect higher oil prices to help starve off a recesion.
Global market for oil. If the oil intensity of your economy is high, higher oil prices impacting all goods/services will outweigh increased oilel revenues.
Only if you insist on passing on global prices into your domestic economy. Not doing this is very difficult if you're a net importer but very much possible if you're a producer. This "leaves money on the table" but it is very much a choice (with different consequences), just one that rarely occurs to people who have grown up in highly capitalist economies.
This is also why historically companies have preferred being vertically integrated to avoid having their supply chains exposed until American economists and brokerages started pushing the cult of specialization. Outside of the US, big conglomerates still operate this way.