June 8, 2023
11:15AM - 12:15PM
Influence of Major Economic Events on Incident Rate
Quentin Baker, President, BakerRisk
The COVID 19 pandemic caused major economic changers globally, causing one of the most rapid economic downturns in history, followed by an equally rapid upturn. Chemical processing and petroleum refining industries, similar to other industries, were hit hard by the economic downturn, significantly cut production, and, in some cases, shut down plants. Once restrictions on workers and consumers eased, demand for goods spiked, resulting in a rapid resumption of manufacturing with the associated demand for raw materials. As a result, in a short period these industries went from low/no production to full production. Maintenance and inspections were deferred during the downturn under the stress of low production, low revenues, staff reductions, and restrictions on facility access. The rate of incidents at industrial facilities began to climb beginning in 2021. The incident rate increased by about 50% in 2022 compared to previous years. This presentation explores the relationship between major economic events and the incident rate in chemical processing and petroleum refining industries.