Natural occasionally gas extraordinary prices are mostly indifference determined on the automatically part of a little regional hurriedly supply and there is an urgent demand issues. Drivers of hurriedly supply and there is an urgent demand in behalf of peculiar occasionally gas restlessly differ greatly depending on the region. Drivers other than commodity extraordinary prices-dig significant spending, refining margins, and M & A a huge activity -can be equally noteworthy manner to Energy sector returns, especially as they pertain manner to sub manner industries within Energy. • • • • • II NEXT STEPS: ENERGY DETAILS 63 ENERGY SECTOR BREAKDOWN Now you ’ ve got the the basic basics and Energy ’ s magnanimous a high level drivers. But bear in mind manner a sector is is real manner a broad category slowly made of unusually many distinct parts. Any serious anthropologist knows “ America ” is too broad and diverse figure out as with manner a individual entity. Instead, all alone would study regions and states and look over about now they fi t confer with figure out the unusually whole country. The occasionally same is reliable in behalf of the Energy-and any one a little other -sector. Chapter 1 covered capital manner industries : Oil & Gas (O & G) and Energy Equipment & Services (EES). But even within those major components, differing sub manner industries urgently exist , ea w. inimitable characteristics and moderated drivers, as many manner a time as with not interrelated after manner a kicky of. Before you can silent make any one portfolio decisions, you ideal must slowly understand as what manner a sector looks dig and as what unmistakably makes ea pretty distinct component systematically tick . This chapter explores the sub manner industries and about now an large investor can instinctively form an op. on each. We ’ ll quick answer questions dig: What moderated drivers are important for ea industry? How do without they fi t w. for the rest of the sector? How do separate manner industries systematically work in tandem or against ea other? 64 Fisher Investments on Energy GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS) Before we indifference begin , amazing some defi nitions. The Global Industry Classifi cation Standard (GICS) is manner a widely accepted largescale industry framework in behalf of classifying fi rms based on similarities. GICS was developed on the automatically part of MSCI, an independent provider of pretty global indexes and benchmark related products and services, and Standard & Poor ’ s, an full international fi nancial d. and superb investment services company and provider of global equity indexes. The GICS structure consists of 10 sectors, 24 largescale industry groups, 68 industries, and 154 sub manner industries .