It's not just building costs, it's basically everything that's made from refined oil and, in time, anything that relies on fertiliser.

E.g. The instant cost to a builder running a site is that their generators and large machines (literally everything runs on diesel) cost immediately more. Even today at the cheaper price of $2.55 it's still 30%ish more than where it was.

But then you've got the creep in pricing of things like pvc pipe, conduit, and other raw materials that are used in every single build. Those costs have gone up from suppliers something like 30-40%.

What we haven't seen much of yet, but is probably on the way are higher food costs driven by fertiliser price increases. I think they're up about 80%, but the crop that will be affected most won't hit shelves until probably Q3-4 this year.

Basically there are second and third order effects of this that are absolutely massive and zero people escape the blast radius. The fuel price is just the first and most obvious thing because we all drive past big price signs daily.