Markets are not integrated to that extent. There is an alternative to oil. If heavy oil becomes too expensive a source of energy for a given industry, it can start using electricity or, more often than not, natural gas. If demand drops in a sector but prices are high and the industry opts for something else, that has a tendency to increase prices.
Prices result primarily from meeting demand. In the oil sector, the reason why the market has been volatile for two or three years now is that in the past, global demand was about 80 to 85 million barrels a day. There was an excess production capacity of about four million barrels. However, because of increased demand in China and India in recent years, and the United States' economic strength, that margin has decreased to about one million barrels a day.
But let's talk about political problems, particularly with respect to Iran. That country's production is four million barrels a day. If it reduces the amount it supplies the market, that could mean that demand would outstrip supply. That has amplified the normal situation. And that is why supply is starting to increase. As soon as we have restored that safety margin globally, political events should not result in any price volatility.