BP: single-use plastics ban will dent oil demand growth (but it will still grow)

While bans around the world on single use plastic items such as carrier bags could lead to lower oil demand growth (2 million barrels less per day by 2040), oil and gas firm BP still expects the global hunger for crude to grow for years and not peak until the late 2030s.

This is mainly because single-use plastics only account for about 15% of all non-combusted oil, which is used for petrochemicals, an industry that BP expects to be a big driver of global growth in crude demand.

The company’s recent energy outlook report forecasts demand peaking at about 110 million barrels per day between 2035 and 2040, up from around 97 million barrels per day today. Much of the growth comes from rising prosperity in the developing world.

Bringo's take: let's just keep in mind that the Stone Age didn't end because of lack of stones ;) More at The Guardian.