Finders Keepers? : How the Law of Capture Shaped the World Oil Industry

Since The Beginnings Of The Oil Industry, Production Activity Has Been Governed By The 'law Of Capture,' Dictating That One Owns The Oil Recovered From One's Property Even If It Has Migrated From Under Neighboring Land. This 'finders Keepers' Principle Has Been Excoriated By Foreign Critics As A 'law Of The Jungle' And Identified By American Commentators As The Root Cause Of The Enormous Waste Of Oil And Gas Resulting From U.s. Production Methods In The First Half Of The 20th Century. Yet While In Almost Every Other Country The Law Of Capture Is Today Of Marginal Significance, It Continues In.