Episode 38
The plastic industry says it’s a "hero" of the coronavirus pandemic. What is driving this propaganda? Single-use plastic is a big chunk of the future demand for oil forecast by OPEC or by the International Energy Agency and their other friends trying to cook the books. So if you take out single-use plastic, future demand for oil and gas will decline immediately and so will the projected revenues of that entire industry. That, in turn, has all sorts of consequences for the cost of capital of oil and gas companies, which ultimately means that they will be able to do no more new oil and gas exploration. Furthermore, they would have to close down, gradually, what they're doing now. That's why the plastic industry is now selling itself as a "hero" of the fight against the coronavirus - and nothing could be further from the truth.