• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 13 hours What China is Learning from Russia's War in Ukraine and its Consequences
  • 6 days How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 1 day Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65
  • 3 days Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
Russian Oil Revenues Soar Despite Sanctions

Russian Oil Revenues Soar Despite Sanctions

Despite suffering under a massive…

‘’New Tech Could Unlock Up To $1.6 Trillion In Energy Savings By 2035’’

Optimizing energy use could unlock between $900 billion and $1.6 trillion in savings globally in 2035, according to a new report by the McKinsey Global Institute.

The savings, which roughly equal the current GDP of Canada or Indonesia, the document noted, would mostly (two-thirds) come from depressed demand as energy-efficient automobiles, electronics and other items become part of the day-to-day lives of the billions living on Earth.

Adopting renewable energy sources alone would trigger $140 billion to $350 billion in power cost cuts.

Though the benefits of going green are numerous, both to the purse and planet, the report warned of severe sociopolitical consequences if government and non-government actors did not do enough to balance the effects of sophisticated technologies that replace manufacturing jobs.

Oil companies have accelerated their adoption of automated techniques over the past three years as a steep drop in oil prices prompted massive layoffs all over the world. After the 2014 crash, petrostates no longer had the funds to pay the citizens that they had employed through their state-run corporations, and oil multinationals could not sustain operations at rock-bottom prices.

“Resource exporters whose finances rely on resource endowments will need to find alternative sources of revenue,” the report said of countries that risk total collapse as peak oil demand approaches. From then on, it will be economic freefall for those who remain maladjusted.

Private actors in the energy arena will need to focus on agility to outmaneuver competitors while “navigating a future with more uncertainty,” McKinsey said.

“Companies that focus on the fundamentals—increasing throughput and driving down capital costs, spending, and labor costs—and that look for opportunities in technology-driven areas may have an advantage. In the new commodity landscape, incumbents and attackers will race to develop viable business models, and not everyone will win.”

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News