A US company is taking plastics recycling to another level – turning them back into the oil they were made from, and gas.
...Similarly, running 9.1 kilograms of ground-up tyres through the Hawk-10 produces 4.54 litres of diesel oil, 1.42 cubic metres of combustible gas, 1 kg of steel and 3.40 kg of carbon black, Meddick says.
From NewScientist (I kid you not)
Update: Here's another approach.
Japanese scientists have created a process that breaks down certain plastics, allowing the chemicals to be reused to make new higher-quality plastic.