Oil, plastics and climate: Why higher prices could speed a materials transition

AI Summary

Recent increases in oil prices have implications for the production costs of conventional plastics, which largely rely on oil and gas. These rising costs may prompt a shift towards more sustainable practices and materials due to heightened economic incentives to minimize waste.

Most conventional plastics are made from oil and gas and production costs have increased recently as a result of the closure of the Strait of Hormuz in the Middle East. That means when the price of those raw materials rise, the cost of producing plastic often rises too, creating incentives to reduce wasteful use, expand ...