The dramatic decline in energy costs has been a significant factor in manufacturing company profitability as well as a boost to so-called reshoring efforts that are bringing manufacturing back from the Far East to the U.S. for many parts and products. But 
companies may be tempted to abandon energy conservation efforts as no longer worthwhile. That would be a mistake.
Nobody knows what oil or gas or electricity will cost next year or five years from now. Most projections indicate that low energy costs are here to stay, at least for a while, but that is no certainty. Anything could happen (and often does). The only guarantee of reduced energy cost is to reduce the need for energy so price fluctuations have less impact.
In the not-so-distant past when oil spiked to over $150 per barrel (compared to today’s price sinking into the $40 range), companies understandably focused heavily on conservation. In partnership with utility companies and government agencies, more efficient lighting was installed, processes were redesigned to be more energy efficient, and a lot of effort went into insulation, sealing, and high efficiency equipment. And that was all good and easily cost-justified in light of the high cost per watt, gallon, cubit foot or therm.
Now that cost per unit is way down, cost justification for energy-related investments is much more difficult. Nevertheless, it makes good business sense to continue energy reduction efforts for several reasons: It is a risk-reduction strategy that offers protection against the unknowable but very real possibility of dramatic cost increases – they have happened before, after all, and it’s also a sustainability issue. You don’t have to be an environmentalist zealot to understand that it makes good sense to not waste any resource unnecessarily. Efficient energy use reduces costs – even if the unit price is relatively low, there’s still a savings by using less. Efficient energy use reduces business risk. Efficient energy use is sensible and moral – it’s the right thing to do.
Justification for energy reduction projects is admittedly tougher these days, and energy-focused projects will likely be a lower priority behind higher payback ideas, but it is important to factor in the risk aspect as well as the “bigger picture” conservation concerns along with the dollars-and-cents ROI to keep energy reduction part of your company’s overall strategies moving forward.