The YouTube video, "PSM Failure at a Cryogenic Gas Processing Plant," features a speaker who recounts a major explosion and fire that occurred at a West Virginia gas processing facility. He outlines several red flags that were missed by the plant management, including a lack of comprehensive PSM training, poorly-written procedures, and inadequate audits. The speaker also discusses the importance of following audit recommendations and how conflict of interest can arise when safety and quality assurance departments report directly to plant operations. Finally, he describes how the company rebuilt the facility after the incident and implemented a more robust PSM program, demonstrating how PSM can be an effective tool for preventing future incidents.