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Oil Industry To Regain Strength In 2017

Bakken

Friday January 13, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Solar to become cheapest source of power

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- Solar is already cheaper than coal in some parts of the U.S. and some parts of the world. But within ten years, it will be the cheapest source of electricity in most of the world.
- The cost of solar has plunged by 62 percent since 2009. Savings have been achieved up and down the supply chain, with the largest reductions coming from the modules themselves. Although cost reductions are expected to slow, they will continue to decline every year for the foreseeable future.
- Bloomberg New Energy Finance predicts that solar will be cheaper than coal by 2025 on average across the globe.
- Solar systems cost on average $1.14 per watt for a 1 megawatt project. Those costs will decline to just 73 cents/watt in 2025.

2. American drivers want gas guzzlers

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- The U.S. auto industry had another record year in 2016, with sales topping 17.5 million vehicles.
- However, consumers are shifting their purchasing habits to heavier, less fuel-efficient vehicles. Cheap gasoline since the collapse of oil back in 2014 has led to a dramatic…

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