[htns]

This is a bit like the debate on whether it's the current or the voltage that kills, with lift-to-drag ratio being resistance. You are right in the physics sense in that drag alone is enough to calculate instantaneous fuel consumption, but to calculate range you already need to consider mass ratios and lift.

[notlefthanded]

Interesting point, sfc (specific fuel consumption) is only really density altitude and humidity dependant, since it's only calculated on a per engine basis, but a fixed wing aeroplane's range can be greatly affected by the weight and balance of the plane, ie whether the elevators need to be adding upward or downward pressure to the tail section to maintain a cruise attitude