This course provides students with an understanding of the future of oil and gas as an energy resource, the framework of conservation law and property law used to produce and regulate oil and gas in the U.S., and the externalities of production. The course also reviews the nature of the typical oil and gas lease used in the U.S. on private lands and on federal leases. The federal laws related to offshore leasing are reviewed, notably the Coastal Zone Management Act and the Oil Pollution Act of 1990.