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In California’s Central Valley, water prices have risen as high as $2,000 an acre-foot.
As a price comparison, in non-drought times water can sell for as low as $250 per acre-foot. On the highest end, other farmers have sold their future water rights for as high as $5,000 per acre-foot.
Two of the biggest players in the California’s water scene are Stewart and Lynda Resnick.
They’re the billionaire owners of The Wonderful Company, known for their pistachios, mandarin oranges, and POM wonderful pomegranate juice. The Resnicks are also majority owners in the Kern Water Bank, one of California’s largest underground water storage facilities.
A water bank is an area mostly underground where water can be stored reliably until it is needed. From above water banks tend to look like puddles, but underneath they can hold hundreds of thousands of gallons.
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