Plastic bans to dent oil demand growth-BP

According to BP, bans around the world on single use plastic items such as carrier bags will dent growth in oil demand over the next two decades. However, firm said it still expects the global hunger for crude to grow for years and not peak until the late 2030s.

BP said rising environmental concern over pollution from plastic could shave a further 2m b/d off oil consumption by 2040 by reducing demand for the petrochemicals used to make plastic bags and packaging. True, packaging only makes up about 3% of global oil use, and BP is only attributing about a 2 million barrel a day cut to plastics policies but it is still worthy of note that plastic bans will help put the squeeze on Big Energy too.

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Shame. Zambia's environmental regulator said Monday that it has no intentions of banning the use of plastics

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Well, Glastonbury Festival announced to ban all plastic bottles on site. If you ever attended one, you would see that festival is one of the main polluters :)

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if the UK doesn't dump any plastic in the sea, why is the beach near our house littered with it? 

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These forecasts are a catastrophe. We have to cut CO2 production NOW.

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most Western countries don't allow much of the the plastic into the seas, it's either recycled or disposed of in a controlled manner apart from plastic beads which are now being banned. The problem is the poorer countries who find disposal of plastic cheaper and more convenient to flush it into the sea through rivers etc.

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7 minutes ago, Joanna said:

According to BP, bans around the world on single use plastic items such as carrier bags will dent growth in oil demand over the next two decades. However, firm said it still expects the global hunger for crude to grow for years and not peak until the late 2030s.

BP said rising environmental concern over pollution from plastic could shave a further 2m b/d off oil consumption by 2040 by reducing demand for the petrochemicals used to make plastic bags and packaging. True, packaging only makes up about 3% of global oil use, and BP is only attributing about a 2 million barrel a day cut to plastics policies but it is still worthy of note that plastic bans will help put the squeeze on Big Energy too.

At some point the oil companies are going to have to invest in non-carbon technologies if they want to survive. Until then they will spend millions on lobbying. 

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Fitch report says that petroleum demand could peak by 2030 in their extreme EV scenario and that it would be a soft peak.

Applying the results of the “Extreme” electric vehicle scenario to oil demand, and otherwise generally taking the IEA’s New Policies assumptions, it is possible to construct a plausible scenario where oil demand peaks in 2029.

Even in this scenario, the peak is shallow, and indeed by 2040 oil demand is broadly the same as it is today, held up by increased demand elsewhere. And by this stage only 6mmbbl/d are being used in road transport, limiting any further impact from EV adoption.

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8 minutes ago, JohnAtronis said:

most Western countries don't allow much of the the plastic into the seas, it's either recycled or disposed of in a controlled manner apart from plastic beads which are now being banned. The problem is the poorer countries who find disposal of plastic cheaper and more convenient to flush it into the sea through rivers etc.

Go and live in those "poor" countries and scratch about in the dirt for something to eat, and walk 10 miles to get a pail of water, then you might realize you don't really care about plastics ban

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27 minutes ago, Stephen said:

At some point the oil companies are going to have to invest in non-carbon technologies if they want to survive. Until then they will spend millions on lobbying. 

They are. Shell is investing in renewables, EDF, Orsted, BP, Total, and many more are already sinking money into renewables. Even Saudi Arabia, drowning in oil, is hedging its bets on something other than oil going forward. But heaven forbid environmentalists take notice. I guess they are too busy at those pipeline protests to look for the truth.

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So, what else obvious did BP state? Let me guess: that oil won't last forever?

17 hours ago, Missy said:

They are. Shell is investing in renewables, EDF, Orsted, BP, Total, and many more are already sinking money into renewables. Even Saudi Arabia, drowning in oil, is hedging its bets on something other than oil going forward. But heaven forbid environmentalists take notice. I guess they are too busy at those pipeline protests to look for the truth.

Of course they are. Oil trains are fine. Oil trucks are fine. But NO pipelines! 

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On 2/22/2018 at 3:01 AM, Marina Schwarz said:

So, what else obvious did BP state? Let me guess: that oil won't last forever?

Of course they are. Oil trains are fine. Oil trucks are fine. But NO pipelines! 

so nonsensical. 

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