Crude prices continued falling but at a faster pace May 22, down 2% in the New York futures market on disappointing inventories, a stronger dollar, and lackluster progress in the US economy.

European officials and industry leaders have taken steps toward reviving energy-market reform and setting long-term targets for renewable energy.

Oil prices fell with front-month crude down 0.6% in the New York futures market May 21 as the US dollar rallied in expectation the Federal Reserve Bank would maintain current efforts to stimulate the national economy.

Oil and gas production from tight shale formations clearly is a long-term phenomenon and not a short-term trend, Deloitte LLP officials told reporters. The financial services company found growing confidence in unconventional energy resources in a survey it conducted last year, said John England, a vice-chairman and leader of its oil and gas practice.

As the US debates exporting more plentiful natural gas from new liquefaction along the East and Gulf coasts, gas exports to Mexico in the past 3 years have doubled, according to a recent research note from Barclays.

A combination of innovation and cooperation will be necessary to meet the world’s future energy needs, a Shell Downstream Inc. official forecast.

Economic growth rates of oil exporters in the Middle East and North Africa (MENA) are moderating as oil production flattens in response to modest global demand, reports the International Monetary Fund.

Oil and gas prices continued climbing May 20 amid optimism for a US economic recovery and the prospect of increased demand for crude this summer. Natural gas was up 0.8% on forecasts for warmer weather for most of the country.

US natural gas prices are unlikely to rise markedly under a variety of scenarios, including those with increased demand across multiple sectors, a study by the Bipartisan Policy Center’s Energy Project staff concluded.

Abundant, affordable US natural gas supplies resulted in 97 announced chemical and plastics projects totaling $71.7 billion in potential new investment, the American Chemical Council said in a recent report.

The front-month natural gas contract rallied May 17 in New York, reclaiming most of its loss from the previous session, after the Department of Energy authorized Freeport LNG Development LP to export 1.4 bcfd of LNG to countries that do not have free trade agreements with the US (OGJ Online, May 17, 2013).

Oil prices continued rising with the front-month crude contract up 0.9% in the New York futures market May 16 despite a report from the US Department of Labor showing a rise in claims for unemployment benefits, stimulating worries about economic recovery.

Front-month crude managed a minimal gain May 15 after four sessions of price declines in the New York market. Natural gas continued its increase, up 1%.

The lives of more than 1 billion people worldwide could be transformed if their governments managed their countries’ oil, gas, and mineral resources in a more open and accountable manner, a new Revenue Watch Institute analysis concluded.