Oil and Gas and the Modern Energy Economy

This course examines the basic private-law and public-law architecture of oil and gas development while situating oil and gas within the modern energy economy. It begins with the history of oil and gas markets, law, and policy and explains why oil and gas remain central to geopolitics and the global economy. The course then considers how law has shaped oil and gas production through both property rules that encourage development and regulatory systems designed to prevent waste, coordinate production, and allocate rights among competing claimants. We will study the development and evolution of the oil and gas lease and why it has become a touchstone for global resource development. The course then turns to core private-law doctrines and interests in oil and gas development, including royalties, implied covenants, and other complex property interests. Finally, the course considers some of the key private-law arrangements that undergird the modern energy economy, including gas sales agreements, LNG development, and project finance, as well as some of the most important public-law questions facing the industry, including pipeline approvals, energy storage, carbon capture, and development on federal lands.