Bradwood RIP Update

NorthernStar Natural Gas, the parent company for the Bradwood Landing project, has filed for bankruptcy. Among its creditors is the Palomar Pipeline project, which is owed $17.2 million according to the AP.

Bradwood Landing RIP

I am totally stoked to report that NorthernStar Natural Gas has pulled the funding for the Bradwood Landing LNG terminal. After having spent $100 million dollars and almost six years trying to get the project off the ground, the company finally had to admit that it just wasn’t a good investment. In a bitter press release reminiscent of the Lou Rawls song “You’re Gonna Miss My Loving,” the company blamed red tape and the economy for the withdrawal. “In particular,” reads the press release, “the challenging regulatory environment gives investors pause, especially considering that Bradwood Landing would have such a positive impact on the Northwest’s economy and environment.” In other words, look out, Oregon, you’ll be sorry for your evil environmental laws some day! The company also continues to maintain that the building of the terminal has no bearing on the Palomar Pipeline. But I predict that plans for the pipeline will be history soon enough. Bradwood was the first stop on my LNG tour of Oregon last fall. After having visited all three proposed terminal sites, I feel that while the whole project of importing natural gas to Oregon is a dumb idea, Bradwood’s location made it the worst of the three proposals.

Next up: So far I’ve been too depressed about the Gulf oil spill to come up with an appropriate drink recipe, but I’m working on it.