The thing is, of the oil taken out of the earth, what percent has been used for plastic? I'm not sure but a very small portion. Now even if we're at peak oil now which is certainly not necessarily true, the Hubbert Curve (where the definition of peak oil comes from) shows that peak occurs when 50% of the oil has been extracted. Thus we can assume we have at least half the oil available to humanity not yet extracted (…
The $1000 question is what the downside of the curve will look like. Will it be a sharp drop-off or a long plateau and decline? It's looking more like the latter at the moment.
The latter because if the stuff's down there you just need to add ever more pressure to get it out, but this happens in a smooth way