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ILN-ergy | PART ONE PEAK OIL – Are We There Yet?

ILNergyPART ONE | PEAK OIL – Are We There Yet?
Oil and Natural Gas Boom and Bust Cycles and Their Impact On The Practice of Law

Houston, Texas, is considered by many as the energy capital of the world, certainly in respect to the oil and gas industry. Over the decades, this region has experienced several boom and bust cycles dictated by the ebb and flow of the supply and demand of oil and natural gas. Each cycle has in turn predictably impacted the legal profession servicing this sector. Presently, the industry is experiencing a bust cycle. While we are seeing some of the same trends during this present bust, there are also signs that history might not be as good an indicator of future trends as it once was. Part One of this article briefly discusses the business environment which was largely the cause of the recent boom in oil and gas prices and resultant increases in production, as well as some of the reasons for the current bust. Part Two will explore how this cycle is having or is expected to have an impact on the legal profession, and also examine ways in which these impacts might be different than experienced during prior cycles. More…