The Modern-Day Global Economy

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The modern-day global economy is predominantly driven by energy market forces. The energy options today are numerous and allow for obtaining energy from a variety of sources. Despite the extensive development of alternative, environmental-friendly energy sources, such as solar power plants or waste energy, conventional petroleum products and hydrocarbons are the key elements of the contemporary economy.¹ Indeed, the natural resources-dependent energy industries dominate the energy sector due to the increased demand for oil and gas.² Due to the global-scale awareness of the harmful environmental effects of the gas and oil industries, the specific legislative measure is implemented to ensure the safety of oil and gas extraction and the sustainability of resource use.

These regulations have a two-fold effect on the countries whose economies vastly depend on oil and gas. On the one hand, these regulations stimulate technological advancement in the sphere of oil and gas industry.³ Specific research and innovations are encouraged for improving the pollution capturing mechanisms, thus creating more growth opportunities for oil and gas companies. Also, the constraints imposed by the international environmental laws on the coal mining industry allows for the oil and gas sector to occupy the market and expand its operations.

On the other hand, the implications of legal documents that apply to the sector of oil and gas extraction are considered to be over-regulating and lead to complications in the economic growth of the industries of certain countries.⁴ Therefore, the literature review allows for identifying an array of both positive and negative effects of environmental law provisions on the oil and gas industry in terms of the local air pollution and economic growth perspectives.⁵ It is important to identify what factors determine the extent to which the industries can manage to develop while complying with international environmental laws.

The key purpose of the current study is to measure if the international environmental legislation can be equally effective in both spheres, including the continuous development of the oil and gas industry and the minimization of harmful environmental effects of natural resource extraction and transportation. To pursue this research question, a researcher might implement a multiple case study approach with a comparative analysis of the outcomes the international legislature has on the oil and gas industries of different countries. It is argued that the level of effectiveness of the environmental laws on the reduction of polluting effects of the oil and gas industry leads to the reduction of the volumes of extracted resources and obstructs the growth opportunities for the industry.

Reference List

Ekhator, E. O. ‘Public Regulation of the Oil and Gas Industry in Nigeria: An Evaluation’, Annual Survey of International & Comparative Law, vol. 21, no. 1, 2016, pp. 43-91.
Nwapi, C. and Nliam, O., ‘EIA Legislation and Sustainable Development of Oil Sands Projects in Madagascar: A Critical Assessment’, Journal of Energy & Natural Resources Law, vol. 36, no. 1, 2018, pp. 103-129.
Ong, D.M., ‘Regulating Environmental Responsibility for the Multinational Oil Industry: Continuing Challenges for International Law’, International Journal of Law in Context, vol. 11, no. 2, 2015, pp. 153-173.
Park, P., International Law for Energy and the Environment, 2nd edn., Danvers, MA, CRC Press, 2013.
Talus. K., ‘Oil and Gas: International Petroleum Regulation’, in Morgera E. and Kulovesi K. (eds.), Research Handbook on International Law and Natural Resources, Cheltenham, Edward Elgar Publishing Limited, 2016, pp. 243-260.

Footnotes

Talus. K., ‘Oil and Gas: International Petroleum Regulation’, in Morgera E. and Kulovesi K. (eds.), Research Handbook on International Law and Natural Resources, Cheltenham, Edward Elgar Publishing Limited, 2016, pp. 243-244.
Nwapi, C. and Nliam, O., ‘EIA Legislation and Sustainable Development of Oil Sands Projects in Madagascar: A Critical Assessment’, Journal of Energy & Natural Resources Law, vol. 36, no. 1, 2018, p. 104.
Ong, D.M., ‘Regulating Environmental Responsibility for the Multinational Oil Industry: Continuing Challenges for International Law’, International Journal of Law in Context, vol. 11, no. 2, 2015, pp. 154.
Ekhator, E. O. ‘Public Regulation of the Oil and Gas Industry in Nigeria: An Evaluation’, Annual Survey of International & Comparative Law, vol. 21, no. 1, 2016, p. 43.
Park, P., International Law for Energy and the Environment, 2nd edn., Danvers, MA, CRC Press, 2013, p. 15.

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The Modern-Day Global Economy

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