A shortage of acetylene due to the explosion is a red herring. That story is being pushed by all the suppliers as a method of increasing their prices for it and also as a means of selling other products to replace it while seemingly being reasonable about it.
A little hunting yielded a couple of nuggets of knowledge.
The classical route to acetylene is calcium carbide in which lime is reduced by carbon in an electric furnace to yield calcium carbide, which is then hydrolyzed to acetylene. Prior to 1951 all the acetylene produced in the United States was manufactured by this process. Since then, hydrocarbon-derived acetylene has almost totally replaced this route. The high power requirements and resulting utility costs have made the calcium carbide process uneconomical in comparison to the partial oxidation route.
Twenty years ago in 1981, there were eight plants in the United States that produced acetylene. Together they produced a total of 352 million lb (160 million kg) of acetylene per year. Of this production, 66% was derived from natural gas and 15% from petroleum processing. Most acetylene from these two sources was used on or near the site where it was produced to make other organic chemicals. The remaining 19% came from calcium carbide. Some of the acetylene from this source was used to make organic chemicals, and the rest was used by regional industrial gas producers to fill pressurized cylinders for local welding and metal cutting customers.
That 19% has dropped to the present level of 15% and the plant in question apparently produced 70% of that 15%. The plant closing has only a small impact on production and distribution changes are causing a temporary shortage... basically the "shortage" is more concocted than real.