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As the world strives to wean itself off fossil fuels, oil companies have been turning to plastic as the key to their future. Now even that's looking overly optimistic.
The global crackdown on plastic trash threatens to take a big chunk out of demand growth just as oil companies like Saudi Aramco sink billions into plastic and chemicals assets. Royal Dutch Shell Plc, BP Plc, Total SA and Exxon Mobil Corp. are all ramping up investments in the sector.
Renewed emphasis on recycling and the spread of local bans on some kinds of plastic products could cut petrochemical demand growth to one-third of its historical pace, to about 1.5% a year, said Paul Bjacek, a principal director at consulting firm Accenture Plc.
Maybe they can convince consumers to accept clamshell packaging for everything.
(Score: 2, Insightful) by Anonymous Coward on Thursday June 06 2019, @09:19AM (1 child)
Economics also tells us that slavery is fine: Slave traders did make profits, or else they would have stopped that trade without being forced to by law. I hope you agree that slavery is not fine.
Economics is not the answer to everything.
(Score: 0, Troll) by khallow on Thursday June 06 2019, @10:33AM
Given that law forced slaves to be slaves in the first place, what point are you really making?
I'd say rather that the economic success of free societies over those of slave societies (such as the Communist and Fascist societies of the 20th century) indicates that economics came to a different decision than you thought.