However, in 2020 the COVID-19 pandemic has had a devastating effect on the fossil fuel and petrochemical industry. Natural gas prices have dropped so low that gas producers were burning if off on-site (not being worth the cost to transport it to cracking facilities). In addition, bans on single-use consumer plastic (in China, the European Union, Canada, and many countries in Africa), and bans on plastic bags (in several states in the USA) has reduced demand for plastics considerably. Many cracking facilities in the USA have been suspended. The petrochemical industry has been trying to save itself by attempting to rapidly expand demand for plastic products worldwide (i.e. through pushbacks on plastic bans and by increasing the number of products wrapped in plastic in countries where plastic use is not already as widespread (i.e. developing nations)).[5]
