BP"s chief economist predicts plastic bans will slash oil demand

Oil giant BP has predicted that increased regulation on plastic pollution around the world will result in decreased demand for petroleum, the key ingredient in most plastic. “We think we’re going to see increasing regulation against some types of petrochemical products, particularly single-use plastics,” BP’s Chief Economist Spencer Dale told Bloomberg. “As a result of that, we have less growth in non-combusted oils than we otherwise would have done.” While petrochemicals are predicted to continue as the largest driver of oil consumption, BP also predicts that oil demand will drop by two million barrels a day as a result of developing plastic regulations.