Permian Basin, TX — While visible injuries such as bruises, scrapes, and broken bones are common indicators of the hazards associated with working in the oil industry, the mental health risks often remain hidden. Daniel Radabaugh, chief strategy officer at Xccelerated Construction Unlimited, highlighted these issues during a recent meeting of the Permian Basin Service, Transmission, and Exploration and Production (STEP) safety network, estimating that mental health challenges cost the industry approximately $200 billion each year.
Radabaugh explained that the financial losses stem from decreased productivity, high employee turnover, and the loss of skilled labor due to unmanaged mental health issues. He urged industry leaders to adopt a proactive approach to mental health, akin to the established practices for addressing physical health concerns.
During his presentation, Radabaugh shared alarming statistics about mental health in the oil and gas sector:
19% of oil and gas workers suffer from psychological disorders.
One in five employees experiences depression, anxiety, or substance abuse issues.
The suicide rate among oilfield service workers stands at 54.2 per 100,000 workers.
Nearly 15% of oil and gas workers report substance abuse problems, surpassing the national workforce average.
A significant 86% of workers believe that company culture should prioritize mental health support.
These figures underscore the urgent need for the oil industry to prioritize mental health initiatives alongside existing safety protocols to foster a healthier workforce and mitigate financial losses.
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