Water rights to the Colorado River are a notoriously valuable commodity: The flows support verdant agricultural lands in Southern California and Arizona, as well as major cities like Phoenix, Las Vegas and Los Angeles.
So when the federal government needs to curb use on the 1,450-mile waterway, it has long opted to open up its checkbook and pay up — such as with a recent emergency effort to protect hydropower operations on the river, which cost the Biden administration $1.2 billion for a three-year deal.
But when Mother Nature cuts back on the supply at its source, it’s a much different story.
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No water. No payments. No IOUs for next year.
