A work in progress, works cited under development.
Looking at various energy legislation from various regions and states, there is a major difference in the way the energy laws operate in different jurisdictions. In the United States, oil reserves are typically privately-owned and so may be regulated by the state government, whereas in other jurisdictions they are often owned by the national government.
United Kingdom – Petroleum Act 1998, Energy Act 2008
United States – Energy Policy Acts 1992, 2005, 2008, Energy Independence and Security Act, The American Recovery and Reinvestment Act of 2009
As regulatory frameworks are developed to consider the rise of renewable energy, so will the focus on the sector rise in legal practice, as companies will have a clearer picture on how to conduct business in these newer markets.
Additionally, the oil and gas sector in particular will have to consider the political implications of accidents such as the Deepwater Horizon Oil Spill that occurred in April, understanding the various regulatory frameworks may tighten on how offshore drilling may be conducted and whether it may become less lucrative to pursue offshore drilling given the rising potential insurance costs and stricter regulations imposed on developing further in this area. The consideration will have to be done on a global scale, heavily impacting the future legal framework for the industry.