Abstract Oil and its derivatives are crucial components of economic growth and prosperity globally. The economic and social gains from producing, trading, and consuming oil are readily estimated and observed. However, during each of the phases of oil production and trade, beginning with exploration and extraction, physical damages, injuries and fatalities, and economic losses are frequently incurred from accidents such as pipeline explosions. Specifically, Organization for Economic Cooperation and Development (OECD) countries consume the majority of the oil produced annually yet most accidents occur in non-OECD countries. Drawing from the input–output analysis literature, this paper uses a one-dimensional accounting method based on trade data to determine the crude oil consumption fatality rates of the OECD countries annually between 1978 and 2008. This analysis results in meaningful changes to production based fatality calculations. In particular, OECD countries import the majority of their annual fatality rates from non-OECD countries. Based on 5 patterns that emerge, the authors postulate that historical trade relationships, differential policies and regulations, as well as levels of technology adoption, may influence these outcomes. This fundamental analysis applies the now-popular consumption-based accounting method taken from multi-regional input–output and life-cycle assessment to a risk assessment setting. The authors introduce the method in this setting such that, as in the case of embodied emissions, it can act as a basis for further econometric analyses, develop more awareness and a greater sense of shared, international responsibility, as well as instruct policy changes for best practices in the field of energy.