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And green chemistry needs help to compete. May 25th, 2021 iStock Global oil consumption declined by roughly 9% in 2020 as the pandemic reduced business and pleasure travel, factory production and transportation of goods. This abrupt drop accelerated an ongoing shift from fossil fuels to renewable energy. U.S. government forecasts show that oil use for transportation, industry, construction, heating and electricity is declining and will continue to drop in the coming years. This trend has enormous implications for the oil industry: As the International Energy Agency observed in 2020, “No oil and gas company will be unaffected by clean energy transitions.” Many of these companies are trying to make up losses by boosting production of petrochemicals derived from oil and natural gas. Today roughly 80% of every barrel of oil is used to make gasoline, diesel and jet fuel, with the rest going into petrochemical products. As demand for petroleum fuels gradually declines, the a

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