Despite ISIS, Oil in Iraq Continues to Flow Under New Oil Order

U.S. Special Envoy for International Energy Affairs Amos Hochstein says the geopolitical dynamic in the region has changed and that despite ISIS and other tensions, oil production in southern Iraq has continued and even reached a record high in the past few weeks. Hochstein said, 'if you look three years ago, when the Libyan revolution started, we saw a dramatic increase in oil prices. Today, we’re looking at crisis after crisis in the Middle East and we’ve seen relative stability after the decline in oil prices without massive increases and that’s really another indication of the environment we’re living in.' TheStreet's Rhonda Schaffler has details from the CERA conference in Houston, Texas.