Market participants have come to realize the important role played by the U.S. and the Permian Basin, in stabilizing global oil prices.

With the U.S. taking the top position as the world's largest oil producer, supply disruptions in the Middle East that used to roil the oil market seem to have lost their potency.

Blu Putnam, Chief Economist at CME Group, explains why shocks to the world's oil supply emanating from the Middle East no longer pack the punch they once did.

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