The policies that govern energy markets are highly politicized and central to the organization of modern economies. Political and organizational forces often determine actual outcomes in oil, gas, and electricity markets much more than pure economic or technological imperatives. The course will introduce the major relevant theories and apply them to cases from energy policy in the U.S. and overseas; the course will also include a broad overview of the history of energy markets. Topics include the regulation of oil production in the U.S.; the rise of international oil trading and the organization of OPEC; antitrust regulation in oil and electricity markets; market competition for electricity and the California electricity crisis; relationships between Washington and the states over regulation, such as in the siting of new natural gas import facilities, and special topics such as the development of an effective response to the threat of global warming and programs to supply low-income households with energy services.