Petroleum industry shifts focus to plastics production to counter declining fuel demand from electric vehicles.

As electric vehicles reduce demand for traditional fuels, the petroleum industry is turning to plastics production to maintain revenue, aiming to increase plastics' share of refined petroleum products from 15% to 25% by 2050. However, this strategy faces skepticism due to the industry's challenges in reducing its carbon footprint and managing plastic waste. Manufacturers are investing in recycling to diversify and meet future demand, potentially shifting to more recycled and reused materials.

November 24, 2024
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