Refining oil is a process by which crude petroleum is transformed into more useful products such as gasoline. It is a dangerous process, one that results in hundreds of safety incidents annually that are reported to the U.S. Department of Energy (DOE). However, while oil refinery incidents like explosions, fires and fatalities have prompted fundamental improvements to safety procedures in other countries, it appears that the U.S. is not catching on quite as quickly.
U.S. refineries sustain far higher financial losses than EU counterparts
The United States sustains financial losses from refinery incidents at a rate that is three times higher than the losses sustained by its European Union counterparts, according to a 2006 report by Swiss Re, the world’s second-largest reinsurer. In 2012 Swiss Re officials reported to the U.S. Chemical Safety Board that the incident gap between U.S. refineries and others across the world had only widened since … Read more...