The Legal Integration of Energy Markets by Terence Daintith

By Terence Daintith

Ebook via Daintith, Terence, Williams, Stephen F.

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The Legal Integration of Energy Markets

Ebook by way of Daintith, Terence, Williams, Stephen F.

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The Rule entitles each owner to extract oil or gas by means of wells on his tract (and bottomed under his tract) without liability to an adjacent owner, even though particular molecules of the extracted resource may have originated in the latter's land. In effect, then, an overlying owner's property right in oil and gas does not vest until he brings it to the surface; until then his property right is defeasible by the extraction of his neighbour. As always, such defeasible rights trigger wasteful activity.

Eng. ) 703. J. L 24, 27 Jan. 1983, p. J. L 25, 27 Jan. 1983, p. 32. 22 Geographica! Aspects of Federal and Community Jurisdiction which requires Member States to ensure equality of access^'' to the maritime waters Coming under their sovereignty or within their Jurisdiction f o r fishing vessels f r o m all Member States. T h e maritime waters referred to are " t h o s e which are so described by the laws in force in each Member State" (article 2(3)). '" It appears clear f r o m the w o r d i n g of article 2 that this Regulation was intended to have effect outside the territories of the Member States, that is to say, not only in their territorial waters, but also in any exclusive fishing zones claimed by them, under their laws in force, outside such waters.

1: Introduction 5 however, is a produciion factor of fundamental and universal importance to economic activity, which cannot be ignored or downgraded in the construclion of an economic union. Energy prices enter as a significant factor into most production activities, into many Service activities (transport being an outstanding example), and into private living costs. The process of Integration, and the commitment to a unified market implied therein, creates a strong and widespread expectation, particularly in resource-poor areas, of equal or even privileged access to the energy resources located within the territory of the Union.

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