Along with concern about possible “drought profiteering” and water theft, worry is building that “fraud and market manipulation” is constraining already severely limited water availability.
By Kim Chipman and Mark Chediak |California lawmakers are ratcheting up calls for “urgent action” by the US Justice Department to investigate potential water crimes as the state battles “dire” supply shortages and drought.
“We believe this manipulation is causing water prices to spike, and may soon cause a spike in food prices,” four state lawmakers including Democratic Senator Melissa Hurtado and Republican Assembly Member Suzette Valladares wrote Wednesday in a letter to Garland. California water prices hit an all-time high of $1,233 an acre-foot Wednesday on the Nasdaq Veles California Water Index, which tracks the average price of water-rights transactions in five markets in the state.
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