ExxonMobil, Shell, and Saudi Aramco are ramping up output of plastic—which is made from oil and gas, and their byproducts—to hedge against the possibility that a serious global response to climate change might reduce demand for their fuels, analysts say. Petrochemicals, the category that includes plastic, now account for 14 percent of oil use and are expected to drive half of oil demand growth between now and 2050, the International Energy Agency (IEA) says. The World Economic Forum predicts plastic production will double in the next 20 years.

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photo { Kate Ballis }

economics, gross, oil, photogs | January 22nd, 2020