BRENT IS DOWN 13%
There was a time when headlines about jets bombing Middle Eastern refineries would have sent oil prices soaring.
Granted, Islamic State's facilities aren't exactly world class. But it is telling that such violence is doing little to lift the price of crude. Brent is down 13% this year and looks set to post its weakest yearly average price since 2010, before the Arab Spring really got going.
The big culprit for this disconnect is shale. U.S.-led growth in oil output from the industrialized world since the start of 2011 offsets supply disruptions in the Organization of the Petroleum Exporting Countries, according…
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