Plastic, Chemical Industries’ Dependence on Oil to Linger for Much Longer
Plastic and chemical industries will stay hooked on oil long after the transport sector has largely moved on, and their appetite for it is growing rather than shrinking. Electric vehicles are steadily eroding one of oil's biggest markets, but a separate industrial demand is quietly expanding to replace it. According to the International Energy Agency, petrochemicals are on track to surpass transport as the leading source of global oil consumption this year. The global transport industry's dependence on oil is genuinely weakening, with battery-powered cars now accounting for close to a quarter of new vehicle purchases worldwide. This steady rise…
