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Commodity Price

The Disincentives Created by Bad Luck in the Energy Industry [Gaille Energy Blog Issue 90]

In just one decade, the energy sector has seen three dramatic busts: (1) the 2008-09 financial crisis; (2) the 2014-15 oil crash; and (3) the 2020 COVID-19 pandemic (the “Three Crashes”). The 2020 crash may be the worst yet. One of my clients... Continue Reading →

How Have Law Firms Been Impacted by COVID-19? [Gaille Energy Blog Issue 89]

Like most other businesses, law firms, too, are suffering the economic effects of COVID-19. Although many lawyers are able to work just as efficiently from their homes as they can from their offices, the impacts of COVID-19 on clients often... Continue Reading →

Checklist and Compendium of COVID-19 Force Majeure Issues [Gaille Energy Blog Issue 88]

Over the course of the last few months, lawyers have been deluged with articles about COVID-19 and force majeure, much of them containing quite similar content and analysis.  My Research Assistant at The University of Chicago Law School, Tanner Harris,... Continue Reading →

Will COVID-19 Increase Oil Demand? [Gaille Energy Blog Issue 86]

In 2003, China saw a preview of COVID-19 in the form of another coronavirus called SARS.  SARS struck Hong Kong and sent a wave of change across China.  Yet most Americans were oblivious to its existence.  At the time, though,... Continue Reading →

The General Counsel’s Dilemma: In-House Counsel or Outside Counsel [Gaille Energy Blog Issue 84]

For decades, consultants have sought to systematize the process of allocating work between in-house counsel and outside counsel.  The largest companies even have entire “legal services” departments, which provide no “legal services” but are instead responsible for decreasing legal costs... Continue Reading →

Negotiation Challenges in the World of COVID-19 [Gaille Energy Blog Issue 83]

About a month ago, Houston declared a state of emergency due to the COVID-19 pandemic.  We closed our office and sent our five lawyers to work from home.  The good news was that most of our practice involves drafting and... Continue Reading →

Suspension Agreements as an Alternative to Force Majeure [Gaille Energy Blog Issue 82]

Lawyers often gain valuable experience by accident.  This was the case with me and force majeure.  A couple of weeks after 9/11, I joined Occidental Petroleum’s business development office in Dubai.  As the youngest person on the team, I received... Continue Reading →

Venezuela’s Oil Production Crash: Another Sad Chapter of Socialism [Gaille Energy Blog Issue 63]

When I last visited the Venezuelan cities of Caracas and Puerto La Cruz in 2007, Hugo Chavez was sowing the seeds of the nation’s economic destruction: “Venezuela demanded changes to the agreements made by international oil companies that would give... Continue Reading →

Shale vs. Deepwater Exploration Part II: The Risks [Gaille Energy Blog Issue 62]

Last week’s issue on Shale vs. Deepwater Returns [Issue 61] featured the below figure from Hess Corporation: Several readers questioned to what extent the figure’s economics reflected different risks, including the chance of success (during exploration) and political risk.  This... Continue Reading →

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