Uses the basic tools of business economics in order to gain a better understanding of energy markets and industries. Differences and similarities between specific industries (oil, gas, electricity, etc.) and between different industry segments (exploration, production, retail, etc.) are highlighted. New challenges faced by the industry, most notably environmental concerns, but also globalization and new forms of competition, are analysed with respect to the impacts that they have had and might have in the future on firms' strategies and on market performance. Prerequisite: BUEC 311 or ECON 281.