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World’s demand for plastics keeps us hooked on fossil fuels

January 2023
Increasing production of plastic products is driving up demand for fossil fuels.

The US Energy Information Administration said this month it expects demand for oil to increase in 2024 to near-record levels, reports Bloomberg.

We’re consuming less gasoline as more people drive electric cars. Still, demand for oil is set to increase as we need more of the fossil fuel to produce plastic products.

This trend in the US is also happening around the world. For example, demand for plastic products is soaring in the world’s most populous countries, India and China.

so what? The world needs to reduce its consumption of the fossil fuels that have lead to global warming and climate change.

So far, producing more electric vehicles hasn’t been enough to counter the need for petrochemicals used to produce plastics.

Reference shelf:
Why Can't Tesla Drive US Oil Demand Lower? Plastics (Bloomberg)

Market size value of plastics worldwide from 2021 to 2030 (Statista)

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