• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 11 hours One Last Warning For The U.S. Shale Patch
  • 7 hours Modular Nuclear Reactors
  • 16 hours Once Upon A Time... North Korea Abruptly Withdraws Staff From Liaison Office
  • 7 hours Oil Slips Further From 2019 Highs On Trade Worries
  • 16 hours Chile Tests Floating Solar Farm
  • 7 hours Poll: Will Renewables Save the World?
  • 1 day China's E-Buses Killing Diesel Demand
  • 1 day Trump sells out his base to please Wallstreet and Oil industry
  • 1 day China's Expansion: Italy Leads Europe Into China’s Embrace
  • 6 hours Read: OPEC THREATENED TO KILL US SHALE
  • 2 days Russian Effect: U.S. May Soon Pause Preparations For Delivering F-35s To Turkey
  • 2 days Trump Tariffs On China Working
  • 2 days Biomass, Ethanol No Longer Green
  • 1 day New Rebate For EVs in Canada
Oil Prices Shoot Up On Large Inventory Draw

Oil Prices Shoot Up On Large Inventory Draw

Oil prices rose on Wednesday…

Has The U.S. Lost The Nordstream 2 Battle?

Has The U.S. Lost The Nordstream 2 Battle?

The Nordstream 2 pipeline has…

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

Energy storage units

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

Oilprice - The No. 1 Source for Oil & Energy News