[The following was published in the print and online editions of The Oregonian on October 30, 2024]
Oregon’s recent offshore earthquake underscores a ticking time bomb in Northwest Portland that the community needs to defuse. The Critical Energy Infrastructure Hub holds 90% of Oregon’s liquid fuel next to the Willamette River, in an earthquake-prone zone overdue for “the really big one.” Within 50 years there’s a 30% chance of an 8.0 quake or above, and a 10% chance of 9.0 or above.
A major quake could liquefy soil under the CEI Hub and unleash the largest oil spill in U.S. history. Multnomah County’s seismic risk analysis found it could spill up to 193.7 million gallons of explosive and flammable liquids into the Willamette River. A likely conflagration could release toxins into the air. Forest Park could go up in flames. The Multnomah County report estimates the costs at $2.6 billion or more.Fossil fuel companies operating at the CEI Hub currently reap record-breaking profits while externalizing these risks. If disaster strikes, they could declare bankruptcy, leaving taxpayers to shoulder the costs. This must change. Companies should post fossil fuel risk bonds, which hold them financially responsible for potential accidents and establish a “polluter pays” principle.
Fossil fuel companies operating at the CEI Hub currently reap record-breaking profits while externalizing these risks. If disaster strikes, they could declare bankruptcy, leaving taxpayers to shoulder the costs. This must change. Companies should post fossil fuel risk bonds which hold them financially responsible for potential accidents and establish a “polluter pays” principle.
A recent survey conducted by my organization This Land found broad support for fossil fuel risk bonding among Portland officials and candidates. Each individual’s survey responses are posted here. It’s time to demand that companies profiting from the CEI Hub take responsibility for these risks. Elected officials should hold them accountable – now, before “the really big one” hits..
Daphne Whysam, Port Townsend
Wysham is executive director of the Portland-based nonprofit This Land.
