Climate Changed
The Backlash to Plastic Has Oil Companies Worried
- As fuel demand flatlines, refiners shift production mix
- Global waste backlash is dimming rosy forecasts for growth
This article is for subscribers only.
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.