I'm still holding out hope for a real, rather than fake/for-show, process being developed for recycling plastics on a large scale. In my dream scenario, we would mostly abandon single-use plastic, replace most single-use type uses of plastic with recycled paper/cardboard and/or glass products, develop a process of recycling nearly all of the plastic we use to be refabricated into new plastic products, then we could actually start mining plastic from landfills to be refabricated.
No process currently exists for any of this obviously, ot at least if it does we aren't putting it to great use, but as you point out, we use oil to make new plastic, so until we decide to get off of oil, there is little incentive to really re-use/refab/recycle all of our plastics. I don't know if oil is used in the recycling of plastic as well, but surely its less oil than making new plastic from scratch. In any case, a commitment to phasing out oil is the first essential step. Unfortunately, we can't just wait until the oil just runs out. Humanity very well might be extinct before that happens.