Proponents of Jordan Cove Energy Project keep chasing rainbows. With a proper prism, they’d see Oregon sunlight IS a rainbow. As for the corporate pursuit of JCEP, it has included shoddy work and some tacky actions. Media usually manages to give us the basics of each matter, but collectively there is a much bigger picture. It starts with the brutal truth (that) the selling-price of gas is as low as it goes. Why? Simply put, gluttons glutted the gas markets and LNG scene. Has this insufferable pursuit of JCEP led to something not financially viable?
Remember Pembina did not start this project. It might be a mistake to think they are in love with it. They just paid billions for the Cochin Pipeline, because they do love their tar sands. Were those funds originally slated for Jordan Cove? In its long history since 2004, JCEP ownership went from Fort Chicago to Veresen to Pembina and from import to export. The last two years Pembina said the project will require partners. Don’t assume anyone has actually signed-on. Who did they invite to our community anyway? Those phony “neighbor” ads most assuredly didn’t tell us! Their own public statements bring into question if they would even retain controlling interest.
What’s beyond dispute is Pembina's obligation to their stockholders. Profit is the motive, not jobs; it will be the deciding factor. Their board of directors will need to make a final investment decision. Let’s see an FID, a partners announcement, and a market turn before being convinced. There is nothing “done” about this aged messy deal.
Pembina has a lot to consider. LNG projects have been abandoned or shelved. Owners have asked for permit extensions. Policies and governance of the agencies can change. Due to the climate crisis, future decision-makers could reject new fossil fuel projects or requests for permit extensions. Putting landowners through a 20-year ordeal is a great reason to reject extensions. The corruption of changing ordinances for a foreign company might come under scrutiny. Let’s not forget the courts, our governor and attorney general. Things change.
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We have rainbows; they are created by water droplets beautifully refracting the light at a 42-degree angle. We have a pot of gold in our wind, wave, solar and geothermal renewable resources. The real treasure is the environment and Oregon. It’s time to stop sending fossil fuel from one end to the other of our hot, tired planet.