BHP Billiton's petroleum chief executive left the door open to the possibility of a write-down on the company's U.S. shale gas assets on Monday May 14, 2012, but defended their long-term value.

The company will review its assets at the end of the fiscal year on June 30, BHP chief petroleum executive J Michael Yeager told reporters in a briefing on Monday. Read more »

An Energy Department official heading a new committee charged with coordinating efforts among three federal agencies to research the risks and benefits of unconventional oil and gas production says he believes it can be done safely. Read more »

Oil prices fell further on Wednesday May 9, 2012 in line with shares amid tensions over the eurozone's political and economic problems, although bargain-hunting provided support, analysts said.

Crude futures also faced downside pressure following indications by the world's key oil producers that they may boost output to bring prices down to sustainable levels.

New York's main contract, West Texas Intermediate (WTI) crude for delivery in June, dropped 51 cents to $96.50 a barrel, two days after hitting a near-five month low at $95.34. Read more »

Marcellus shale gas wells in Pennsylvania generated about $3.5 billion in gross revenues for drillers in 2011, along with about $1.2 billion in West Virginia, according to anaylisis.

But experts say that a sharp drop in wholesale prices over the past year means that in the future much more money will be made — and more jobs created — by petrochemical companies that process the gas into other industrial and consumer compounds. Read more »