It’s been roughly two weeks since the September 14 attacks on Saudi oilfields took about 5 percent of global oil production temporarily offline. And the North American benchmark price per barrel has already retreated to its long-held mid-50s trading range.

This is the clearest indication yet of how the rise of US shale production has dramatically shifted the global oil market. And it’s why, as we pointed out last issue, energy investors need to rise above the noise of geopolitics.

When it comes to energy prices that means focusing on supply and demand. And it’s why energy companies we own must be able to prosper in the same lower-for-longer price environment that’s existed since mid-decade.