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Reflecting on California groundwater abuse

I live in western Oregon, part of the Pacific Northwest long regarded as a verdant paradise, courtesy of rains and snowfall that can exceed 100 inches each year.  The snowfall in the mountains sustains our rivers through the dry summer.  But our climate has been profoundly disrupted.  Where I live, summers are far drier and hot.  But just to the south of us, this climate change has caused a drought worse than any drought in the past 1200 years.  Scientists call it a “mega-drought,” a severe drought affecting massive areas of the western United States for more than two decades.  

Water on Wall Streets: understanding the evils of water futures markets

I teach water law, especially the water laws of the western United States.  Every year we discuss the question of water marketing, which is a well-established practice now in the somewhat arid western portion of the United States.  Naturally, students and others ask about the recent development of a futures market for water in California. Here is my answer: the creation of a futures market for water is the ultimate act of commodifying water in California. It is dangerous, inequitable, and quite contrary to the rule in water law that prohibits financial speculation in water.