With a tight global oil supply, Islamic militants threatening to disrupt oil in Iraq, the possibility of strong sanctions (or even war) against Russia, and other global tensions you would expect the price of oil to go through the roof. Instead it’s fallen from recent highs and is on par with year-end 2013 prices and volatility is approaching historical lows. According to Goldman Sachs head of global commodities research Jeff Currie it was only a matter of time before industry figured out a way to insulate itself from geopolitical instability.

“Either the technology or the politics had to change in order to create new supply. Think of it as a race between the engineers and politicians, [and] the engineers won


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