United Kingdom – Several plastic recycling plants in the UK have closed during recent months as a result of the slump in oil prices.
With the oil price currently at US$ 33 per barrel – down from more than US$ 50 last year – it has become cheaper for manufacturers to buy virgin plastic rather than recycled, thereby putting UK factories that recycle plastic ‘under pressure’, stresses plastics recycling organisation Recoup.
These conditions are expected to continue to cost jobs. Some 7000 people are currently employed within the UK’s plastics recycling industry.
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