Does PET use up scarce oil resources?

No, most [88%] of the oil extracted from the earth is used as a fuel for transport systems, heating appliances or for generation of electricity. The amount used for chemicals and plastics is small in comparison. PET used less than 0.15% of the world’s oil resources in 1996.  Of course, because we recycle PET we do not lose the small amount of oil used to make PET, we just keep using it over and over again.It must be remembered that oil is only a carbon source and that PET is also made using sugar cane waste (as a feedstock for the ethylene glycol).  There are many more materials using carbon sources that are not directly called oil.  Although we might move away from oil we shall always need a carbon source for many applications.