That's a good question.
From Dow's perspective, we take ethane and turn it into polyethylene, so we're fairly agnostic as to where the ethane comes from. However, it is a by-product of natural gas production. In Europe, they crack naphtha, which is a by-product of oil production.
The reality is that with advanced chemical recycling, you have an opportunity to get into a feedstock that is readily available. As I said, we like to see waste plastic not really treated as a waste but as a resource.
The global consumption of plastic exceeds GDP every year. We don't see that waning at all in the future. We're not advocating any major increases in the use of plastic or any major reduction in the use of plastic. That's just the reality of the economics that we have around the globe right now. Most of the plastic growth is in the developing countries.
The attributes that plastic have are that it is inexpensive to produce, long-lasting, highly flexible in its applications and it makes life much easier when it comes to handling products. We don't see that reducing. As to projections that have been commented on by a couple of other speakers, we only see plastic utilization going up.
The way to reconcile that with the impact on the environment is that you're going to have to increase substantially—hopefully, to 100%—the amount of plastic that gets recycled.
I don't really see a catch-22 or a conflict between oil and gas operations and petrochemical operations. As peak oil production stabilizes and begins to reduce, you will probably still have quite a bit of it going to plastic manufacturing. That, in conjunction with the amount of raw material feedstock that you would get from the recycled plastic, whether it's flake from mechanical recycling or the monomers that we get when we do chemical recycling, I think will balance out at the end of the day.