Water rights market splutters into life

There has not been much interest in the Drought Water Bank, but the spot market for water leases has seen rapid price rises.

Direct economic losses from water shortages in California have been estimated at $1-2 billion and 20,000- 40,000 jobs in the southern Central Valley. The indirect costs of urban rationing and political and legal disputes at the local, state and federal levels are perhaps much higher.

The state's immediate response to the water crisis has been to promote ...

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