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Backlash to Plastic has Oil Companies Worried

posted by martyb on Thursday June 06 2019, @12:39AM   Printer-friendly
from the "The-Graduate" dept.

Phoenix666 writes:

Bloomberg:

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.

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  • (Score: 2) by PartTimeZombie on Thursday June 06 2019, @09:12PM (2 children)

    by PartTimeZombie (4827) on Thursday June 06 2019, @09:12PM (#852440)

    Policies that remove power from the House of Saud are likely to be a net benefit for everyone involved.

    I don't see why anyone should have to live under an absolute monarch in 2019.

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  • (Score: 1) by khallow on Friday June 07 2019, @01:53PM (1 child)

    by khallow (3766) Subscriber Badge on Friday June 07 2019, @01:53PM (#852675) Journal

    Policies that remove power from the House of Saud are likely to be a net benefit for everyone involved.

    I see policies that removed (or could remove) bad people from power heavily criticized before - such as supporting the Arab Spring, invasion of Iraq which removed Saddam Hussein from power, the current sanctions against Iran, and current support for Venezuela opposition. I don't buy that there's likely to be a net benefit in that light.

    • (Score: 2) by PartTimeZombie on Saturday June 08 2019, @07:54AM

      by PartTimeZombie (4827) on Saturday June 08 2019, @07:54AM (#853033)

      ....the Arab Spring, invasion of Iraq which removed Saddam Hussein from power, the current sanctions against Iran, and current support for Venezuela opposition.

      You're right, when the US meddles they always screw things up.