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California Lawmakers Urge Justice Department to Investigate ‘Drought Profiteering’ as Water Prices Soar to Historic Highs

/in , /by /Fortuneby Kim Chipman, Mark Chediak and Bloomberg

California lawmakers are ratcheting up calls for “urgent action” by the U.S. Justice Department to investigate potential water crimes as the state battles “dire” supply shortages and drought.

The bipartisan group told U.S. Attorney General Merrick Garland that, along with ongoing concern about possible “drought profiteering” and water theft, worry is building that “fraud and market manipulation” is constraining already severely limited water availability.

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Colorado Work Group Eyes New Tools to Stop Water Profiteering

/in , /by /Journal-Advocateby Jerd Smith

Imposing hefty taxes on speculative water sales, requiring that water rights purchased by investors be held for several years before they can be resold, and requiring special state approval of such sales are three ideas that might help Colorado protect its water resources from speculators.

The ideas were discussed Wednesday at a meeting of a special work group looking at whether Colorado needs to strengthen laws preventing Wall Street investment firms and others from selling water for profit in ways that don’t benefit the state’s farms, cities and streams.

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