Are slow blogs and websites going to suffer badly on Google search?

There was no doubt among ethical SEO practitioners ever that Google and other search engines look for content that is relevant to the search query and serves the best value.

However, Google recently posted on its blog that from July 2018 site speed is going to be an important signal for mobile searches and it was reported by some as becoming a very important signal.

No way. Google itself clarified that hardly one percent of websites are likely to be affected by speed considerations; relevance and value still are the biggest search signals. Of course, if a blog or website is woefully slow, it would be spoiling the user experience and needs to be downgraded - but it should not worry most bloggers. 

Not only that, Google refers to this video that was issued way back in 2010 and is still current!