Abstract
The petrochemical industry is spooked. Shale gas in the US and a long economic expansion brought a decade of unprecedented prosperity for the industry. But speakers at the World Petrochemical Conference, put on in San Antonio last month by the consulting group IHS Markit, warned of threats to the new order. Economic growth is slowing, and a recession is possible. The plastic waste issue has blossomed into a full-fledged crisis for the industry that could hamper long-term growth. At the same time, petrochemical makers are bringing heaps of long-planned new production on line, which could mean slack markets in the near future. In his talk opening the conference, IHS Markit chief economist Nariman Behravesh predicted that US economic growth will slow from 2.9% last year to 2.4–2.5% this year. It should ease further to 2.0% in 2020. Behravesh told the audience of about 1,500 attendees that he thinks a recession
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