Research Handbook on Oil and Gas Law

This Research Handbook examines oil and gas regulation from historical, contemporary, and forward-looking perspectives, discussing the past dominance of oil, the role of legal instruments and regulatory regimes, and the future challenges and opportunities for oil and gas. It is useful for scholars and students of energy and natural resource law disciplines, regulators, policymakers, corporations, and legal practitioners.

Format: Hardback
Length: 456 pages
Publication date: 17 January 2023
Publisher: Edward Elgar Publishing Ltd

The future of oil and gas is a complex and multifaceted issue that requires careful consideration of a wide range of factors. In this Research Handbook, we will explore the past, present, and future of oil and gas regulation, with a particular focus on the role of law in shaping these industries.

The Past Dominance of Oil:

Oil has been a dominant energy source for centuries, and its importance has only grown in recent years. The discovery of oil in the early 20th century led to a rapid expansion of the oil industry, and today, oil is the world's primary energy source. However, the past dominance of oil has also led to a number of environmental and social challenges, including climate change, air pollution, and oil spills.

Legal Instruments and Regulatory Regimes:

As the oil industry grew, so did the need for legal instruments and regulatory regimes to govern its activities. The first oil well was drilled in 1859, and the first oil law was passed in Pennsylvania in 1872. Since then, a number of legal instruments and regulatory regimes have been developed to regulate the oil and gas industry, including the Outer Continental Shelf Lands Act of 1953, the Clean Air Act of 1970, and the National Environmental Policy Act of 1969.

These legal instruments and regulatory regimes have played a critical role in shaping the oil and gas industry. They have established environmental standards, safety regulations, and licensing requirements, and have helped to prevent accidents and spills. However, these legal instruments and regulatory regimes have also been criticized for being too lenient or too strict, and for not being effective in protecting the environment and public health.

Oil and Gas in the Modern World:

In the modern world, oil and gas continue to play a critical role in the global economy. However, the industry is also facing a number of challenges, including declining oil prices, increasing demand for renewable energy, and environmental concerns.

One of the most significant challenges facing the oil and gas industry is the decline in oil prices. In recent years, oil prices have fallen from a high of $115 per barrel in 2014 to a low of $30 per barrel in 2016. This decline has been driven by a number of factors, including increased supply from non-OPEC countries, a slowing global economy, and increased demand for renewable energy.

Despite these challenges, the oil and gas industry continues to be a significant source of revenue for many countries. In 2016, the oil and gas industry generated $1.6 trillion in revenue, and accounted for 2.5% of global GDP. However, the industry is also facing a number of regulatory challenges, including increased scrutiny from environmental groups and governments.

One of the most significant regulatory challenges facing the oil and gas industry is the need to reduce greenhouse gas emissions. In recent years, there has been growing pressure on the industry to reduce its carbon footprint, and many companies are investing in renewable energy and other low-carbon technologies to achieve this goal.

Conclusion:

The future of oil and gas is uncertain, and it is clear that the industry will need to adapt to a changing global landscape. The past dominance of oil has led to a number of environmental and social challenges, and the industry will need to continue to innovate and invest in new technologies to meet these challenges. The role of law in shaping the oil and gas industry will also continue to be critical, as legal instruments and regulatory regimes will need to be updated and adapted to meet the changing needs of the industry.

In conclusion, the future of oil and gas is complex and multifaceted, and it is clear that the industry will need to adapt to a changing global landscape. The past dominance of oil has led to a number of environmental and social challenges, and the industry will need to continue to innovate and invest in new technologies to meet these challenges. The role of law in shaping the oil and gas industry will also continue to be critical, as legal instruments and regulatory regimes will need to be updated and adapted to meet the changing needs of the industry.

Dimension: 244 x 169 (mm)
ISBN-13: 9781788978217