Both presidential candidates have discussed energy independence as a goal for their administrations, though their actual platforms speak more to their broad policy orientations than to any real specifics. We doubt that that the United States could be truly energy independent for any sustained period. Given the high costs of U.S. energy production relative to other parts of the world, it’s unclear whether true energy independence would be economically sensible. However, the U.S. shale revolution has fundamentally altered the economics of the global oil market and may keep prices subdued for years to come. Investors looking for opportunities in energy will find them, but they will have to be more selective than in years past.