By Tim Beims The U.S. energy revolution rolls on, sending farranging ripples careening throughout global energy markets and reshaping the long-term dynamics for crude oil, natural gas and natural gas liquids alike. Yet, even as it extends the reach of its supply chain around the world as "the standout champion of global supply growth," the full impact of America's emergence as an oil and gas megapower still awaits, suggests International Energy Agency Executive Director Fatih Birol. "The second wave of the U.S. shale revolution is coming," he relates. "It will see the United States account for 70 percent of the rise in global oil production and some 75 percent of the expansion in liquefied natural gas trade over the next five years. This will shake up international oil and gas trade flows, with profound implications for the geopolitics of energy." APRIL 2019 33