This course explores the economic, political, and strategic implications of ongoing trends and structural shifts in global energy markets. It focuses especially on international markets for crude oil and natural gas; attention is also devoted to nuclear energy, the international nuclear industry, and nonproliferation challenges. Students will develop a deep appreciation of the role of energy, and especially hydrocarbon-based energy, in contemporary international affairs. They will learn about the historical development and evolution of hydrocarbon-based energy and the international oil and gas industry; about the various types of contractual arrangements for cross-border investment in upstream oil and gas development and what the differences among these types of agreements reflect regarding the shifting balance of power between resource-owning national governments and foreign investors; and about why and how major energy market players shape their interactions on the basis of political and strategic calculations, along with commercial and economic considerations. They will also learn about the economic and political factors affecting the contribution of nuclear energy to the global energy balance; about the major proliferation risks associated with civil nuclear technology; and about the international regime that has been developed to mitigate these risks and the most pressing challenges to this regime.