Why BP bailed on the oil industry’s one “bright spot”

Keen to diversify, Exxon, Shell, Chevron, Saudi Aramco, and other oil majors have been collectively spending $40 billion a year on greenhouse gas-emitting petrochemical facilities. Petrochemicals like ethylene, benzene, and methanol are found in everything from tires and pharmaceuticals to fertilizer and laundry detergent. Global plastic demand is surging, and a May outlook from McKinsey said that during the pandemic, petrochemicals have been a rare “bright spot in the portfolio.”