XOM - US Faces Mounting Plastic Waste Challenge With Limited Recycling Solutions After China's 2018 Import Ban: Report | Benzinga
The United States is currently facing a significant plastic waste crisis, generating 40 million tons of plastic waste each year, with no cost-effective method to recycle 91% of it.
What Happened: The U.S. has been dealing with a plastic waste crisis for several years, Business Insider reported on Thursday. Previously, the U.S. exported 7 million tons of plastic waste annually to China. However, China’s decision to stop importing plastic in 2018 has left the U.S. searching for alternatives.
Oil giants like Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM) have suggested converting plastic into crude oil as a potential solution. These companies are advocating for the creation of 150 plants dedicated to pyrolysis, a type of chemical recycling that transforms plastic into crude oil. Critics, however, contend that these facilities emit harmful particles and are heavily dependent on government subsidies.
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