In 1989, British Petroleum (BP) made the largest onshore investment in the company’s 72-year history in Scotland by expanding its Grangemouth petrochemical complex. Construction and operation were promised to generate between 1,200 and 1,500 jobs, but upon the project’s completion, over 1,000 industrial jobs were lost in the town, and employment never increased. This research explains this outcome by embedding it within a history of post-World War II deindustrialization and engaging with E.P. Thompson’s moral economy and the concept of “noxious deindustrialization”: expanding environmentally destructive capacity and shrinking industrial employment. It illuminates what the buildup and later transgression of moral economy promises looked like for a town experiencing rapid but fragile expansion on the back of petrochemicals, a modern, highly toxic, and land-intensive industry. Using oral history and archive study, the research establishes the presence of noxiousness in Grangemouth from the mid-twentieth century onward. Between 1951 and 1970, industrialization, urban expansion, and paternalistic corporate practices shaped customary notions that embedded the petrochemical sector into the community, justifying concerns about pollution, smells, and the industry’s intensive requirements on land. Between 1970 and 1989, the moral economy was transgressed as the planning system was dismantled and BP’s welfarist responsibility to Grangemouth lessened under economic liberalization. Amid growing environmental concerns globally, noxiousness became intolerable. Noxious deindustrialization accelerated with changes in energy prices, consolidation of private power, and discovery of North Sea oil, leading to company restructuring and job cuts in BP Chemicals. Consequently, the link between employment, population growth, and economic security broke down.