In this issue:

 There’s really no mystery as to why refining stocks have done so well. Combine a glut of cheap domestic crude with stagnant refining capacity at home and growing demand abroad for fuel exports, and you have a recipe for huge windfalls. We survey the industry and pick two long-term winners worthy of our portfolio, and yours. Meanwhile, the US shale drilling revolution will inevitably spread overseas in the years ahead, and we report on a new survey updating global shale energy reserves estimates. Finally, one of the portfolio holdings named in the last issue as the likely beneficiary of the coming liquefied natural gas exports from the US has already landed a related contract. Happy investing.