For decades, economists have talked about the term Peak Oil, which is the point at which we pass the maximum production of petroleum worldwide. Given that plastic is made completely from oil, the concept of Peak Plastic is also inevitable.
A book written in 2018 by American business professor, Jack Buffington, discusses this topic. In Peak Plastic, Buffington defines the term as the point where the marginal benefit of plastic use to society will be less than its detrimental cost to the environment. According to Buffington, we’ll hit Peak Plastic by 2030. That’s not too far off.
Investors and economists are already predicting the demise of conventional gasoline powered cars, and the inevitable takeover of electric powered vehicles. It makes sense that as society moves away from using petroleum as a fuel, we will also move away from using petroleum in the form of plastic in our products and our packaging. Continue reading 3 Reasons Why Eco-Friendly Toothbrushes are the Future