Implied Covenants in Oil and Gas Law Under Federal Energy Price Regulation

This Article seeks to determine whether the federal pricing regulations have imposed new duties on the lessee in his relationship to a lessor, and, if so, the nature, scope, and consequences of those duties. The Article contends that the federal pricing schemes in oil and gas will lead to a renaissance of certain implied covenants that the law has traditionally recognized--albeit now framed in a new setting. The Article focuses on those issues that are likely to require resolution under both the implied covenant to market and the less well-known implied covenant to seek favorable administrative action.