this post was submitted on 08 Oct 2023
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Based on this data, 48.6% of oil was used on the read. If we assume that about every other car becomes electric, that could cut the total oil demand by about 24%. That’s actually quite significant, but obviously it will happen so gradually that the oil industry should have enough time to adjust.
Eventually most cars will be electric, but even that won’t destroy the entire oil industry, because there are still many other uses for oil. It takes a while for various other industries to shift away from burning oil and gas, but when that happens the oil industry will be totally screwed.
I'm not so sure that they'd be necessarily screwed even then, I think it will depend upon what direction plastic demand and plastic production goes in. The majority of plastics still need to be made from petrochemicals, and the majority of plastics have to be virgin simply due to the inherent limitations on their recyclability.
Sure, the industry won't be as large as today but unless we see bioplastics completely replace petrochemical plastics or simply see plastics completely abandoned (that'll never happen, plastics are simply too useful to ditch entirely.) It will still exist in some form simply because it will be necessary for plastic production.
The oil industry isn’t about to go anywhere, that’s for sure. It’s just that within the next 100 years, it will probably shrink to a tiny fraction of what it is today.
Now that plastic bags or straws have been banned in certain parts of the world, the future of plastic is beginning to look slightly more uncertain than it used to, but I wouldn’t be too worried just yet. Microplastics are also lookin pretty concerning, so maybe in the very long run we’ll start addressing that as well. All of this might reduce the demand for plastic in general, but I don’t think that’s going to have a major impact any time soon. As you pointed out, plastics are too versatile to ditch entirely.
Maybe we’ll start using more bioplastics, but petrochemical based plastics will be used in many places regardless. At the moment, plastics are used pretty much everywhere, even when it clearly isn’t the most optimal solution. I think that this situation will begin to gradually change as the production and use of alternatives become economically attractive.
For instance, a plastic wrapping around a salad doesn’t need to last thousands of years. As long as it protects the salad all the way from the farm to my kitchen, It’s good enough. This sort of optimization will probably reduce the demand for plastic, but it will probably never go down to zero. There are lots of applications such as chemical bottles where long term durability is far more important.