The Covid-19 pandemic and the oil crisis have taken a heavy toll on demand for transport fuels such as gasoline and jet fuel leading to severe margin compression for refineries. The situation is not being helped by a cross-section of experts warning that we might already be past peak demand for oil and that ‘Lower Forever’ might be the new norm for oil prices. Faced with this existential crisis, global refiners are being forced to reinvent themselves in a bid to survive. Some, such as Texas-based Phillips 66 (NYSE:PSX), have started repurposing their refineries to produce renewable fuels as they look to capitalize on a boom in renewable fuels by the aviation industry . On the opposite end of the spectrum, wily oil and gas executives are betting big on yet another environmental vice: Plastics. Bloomberg has reported that Asian oil producers have begun to double down on massive […]