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News bites: Shale gas ascendant, oil slides after Friday surge, and more
“Oil fell by over $1 a barrel on Monday, retreating from gains last week, as investors awaited more clues on the health of the global economy and the outlook for oil demand,” the news service reports.
The Associated Press provides a fresh reminder that shale gas production has transformed the U.S. energy landscape:
The Marcellus Shale is about to become the most productive natural gas field in the United States, according to new data from energy industry analysts and the federal government.
Though serious drilling only began five years ago, the sheer volume of Marcellus production suggests that in some ways there's no going back, even as New York debates whether to allow drilling in its portion of the shale, which also lies under large parts of Pennsylvania, West Virginia and Ohio.
On the international front, the Journal reports on threats facing the new oil-fees agreement between Sudan and South Sudan.
Reuters reports that Chinese state-owned oil producer CNOOC has inked a $1.7 billion deal to develop coalbed methane in China.
