NIAGARA FALLS, N.Y., Feb. 23, 2015 (GLOBE NEWSWIRE) -- In its latest report, Economic Impact of Plastics-to-Oil Facilities in the U.S., the American Chemistry Council (ACC) explored the potential impact that building plastics-to-oil (PTO) facilities in the U.S. could have on economic output and job creation. The report concluded that the U.S. could support as many as 600 PTO facilities depending on the production characteristics and size of each facility, generating:
-
Up to 38,900 jobs supported by new PTO operations.
- 8,800 would be directly employed by the facilities.
- An additional 17,200 jobs would be in supply chain industries that are related to the plastics recovery industry and supporting the facilities.
- Another 12,900 payroll-induced jobs would be supported by the spending of the earnings of workers in new PTO plants and throughout the supply chain.
- $2.1 billion in annual payrolls generated by PTO facilities.
- $6.6 billion in capital investment by the plastics-to-oil industry to build new facilities.
-
$8.9 billion in U.S. economic output from PTO operations.
- $3.7 billion related to increased oil production.
- $5.2 billion in additional supplier and payroll-induced impacts.
- $18.0 billion of economic output during the investment phase.
To read the full article, please go to: http://plastics.americanchemistry.com/Stand-Alone-Content/Economic-Impact-of-Plastics-to-Oil-Facilities.pdf
The recycling of plastics continues to grow and roughly three million tons of plastics will be recycled in the U.S. this year. While reuse and recycling are the preferred methods of plastics recovery, it is not always economically feasible – or even possible - for all plastics to be recycled, illustrating the opportunity for other economic means of recovering plastics.
Because they are derived from hydrocarbons, plastics have a high-energy content that can be converted to crude oil and fuels, synthetic gas, and recycled feedstock for new plastics and other products of chemistry. Various conversion technologies such as mass burn, waste-to-energy, gasification and pyrolysis are able to recover the energy contained in plastics. Recovering this valuable energy through conversion technologies reduces waste sent to landfills and complements plastics recycling. Investment in the technologies — and associated facilities — needed to capture this energy value will contribute to sustainable development, create jobs, and has the potential to contribute billions of dollars to the economy.
"Plastic2Oil, Inc. is an innovation leader in this growing space," said Richard Heddle, CEO. "Our industry is seeing increased demand and our state-of-the-art processors are designed to meet the growing need that underpins this report."
About the Company
Plastic2Oil, Inc. ("P2O") is an innovative North American fuel company that transforms unsorted, unwashed waste plastic into ultra-clean, ultra-low sulphur fuel without the need for refinement. The Company's patent-pending Plastic2Oil® (P2O®) process is a commercially viable, scalable proprietary process designed to provide immediate economic benefit for industry, communities and government organizations with waste plastic recycling challenges.
With its revolutionary P2O technology, P2O has pioneered a process that has the ability to change the way the world handles waste plastic and plastic recycling. P2O is committed to environmental sustainability by diverting plastic waste from landfill and potential incineration.
The Company is also committed to the creation of green employment opportunities and a reduction in the cost of plastic recycling programs for municipalities and business.
U.S. investors can find current financial disclosure and Real-Time Level 2 quotes at http://www.otcmarkets.com/stock/PTOI/quote.
Forward Looking Statements
This press release contains statements, which may constitute "forward looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995 (PSLRA). The PSLRA implemented several substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees, Those statements include statements regarding the intent, belief or current expectations of Plastic2Oil, and members of its management as well as the assumptions on which such statements are based.
Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. For a more detailed discussion of such risks and other factors, see the Company's Annual Report on Form 10-K, filed with the SEC on June 4, 2014, and its other SEC filings. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.