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Unlikely. There is ever-increasing year-on-year demand for plastic which a product of the Oil and Gas industry. Above 400 million metric of plastic produced eve
by lenkite 8y ago
Unlikely. There is ever-increasing year-on-year demand for plastic which a product of the Oil and Gas industry. Above 400 million metric of plastic produced every year - and this is growing. Aramco (which parent's comment refers to) just spent 69 billion in taking the majority take in Sabic.
- adrianN 8y agoAbout half of the oil is used for gasoline, another quarter for heating oil and another ten percent for jet fuel. All of these uses will likely go away completely or be dramatically reduced over the next twenty to thirty years.
- lenkite 8y agoYou may be correct on the first two, but I am not sure how the jet fuel use is going to go away - wouldn't it be increasing ? Also, according to IEA, rising use of plastics will drive oil demand https://www.reuters.com/article/us-petrochemicals-iea/rising-use-of-plastics-to-drive-oil-demand-to-2050-iea-idUSKCN1ME2QD https://www.reuters.com/article/us-petrochemicals-iea/rising... Even with a push in sustainability, plastics use is increasing not dropping: https://blogs.platts.com/2019/02/19/consumer-push-sustainability-masks-growth-plastics-demand/ https://blogs.platts.com/2019/02/19/consumer-push-sustainabi...