Why it’s on the map
At 52-wk HIGH on Middle East cracks — but Canadian heavy crude = 73% of Midwest (PADD 2) refinery input. Largest corporate counterparty to a Canadian oil weapon. Energy exempt TODAY; the tail risk is unpriced.
Government money & contracts
None.
Customers & commercial
Fuel.
Catalysts
Any Alberta/Ottawa export-levy headline.
Risk
Unpriced tail.
Tariff durability
Watchlist, not a short.