“Recycling” sometimes (often) includes burning it in waste-to-energy incinerators, which emit CO2 and other pollutants just as if the original oil had been burned directly instead of taking a detour via a plastic product. It would be better to put waste plastic in a carbon storage device, a.k.a. a landfill. At least that way we are caching a little bit of easy-access fuel to help re-bootstrap civilization in case of global catastrophe.