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‘Water is more valuable than oil’: the corporation cashing in on America’s drought (www.theguardian.com)

submitted 8 months ago by MicroWave to c/news

10 comments fedilink hide all child comments

In an unprecedented deal, a private company purchased land in a tiny Arizona town – and sold its water rights to a suburb 200 miles away. Local residents fear the agreement has ‘opened Pandora’s box’

One of the biggest battles over Colorado River water is being staged in one of the west’s smallest rural enclaves.

Tucked into the bends of the lower Colorado River, Cibola, Arizona, is a community of about 200 people. Maybe 300, if you count the weekenders who come to boat and hunt. Dusty shrublands run into sleepy residential streets, which run into neat fields of cotton and alfalfa.

Nearly a decade ago, Greenstone Resource Partners LLC, a private company backed by global investors, bought almost 500 acres of agricultural land here in Cibola. In a first-of-its-kind deal, the company recently sold the water rights tied to the land to the town of Queen Creek, a suburb of Phoenix, for a $14m gross profit. More than 2,000 acre-feet of water from the Colorado River that was once used to irrigate farmland is now flowing, through a canal system, to the taps of homes more than 200 miles away.

A Guardian investigation into the unprecedented water transfer, and how it took shape, reveals that Greenstone strategically purchased land and influence to advance the deal. The company was able to do so by exploiting the arcane water policies governing the Colorado River.

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[–] Viking_Hippie 24 points 8 months ago (3 children)

Unprecedented my ass! This is almost exactly what Nestlé have been doing in Canada for decades.

That and their reliance on child slavery is why I don't buy anything from Nestlé or their hundreds of subsidiaries.

[–] [email protected] 12 points 8 months ago (2 children)

It's probably not just nestle. I'm not a huge fan of chocolate to begin with, but when that nestle cunt said that without slavery we wouldn't be able to eat chocolate, chocolate was dead to me. Maybe we shouldn't have chocolate, or maybe a bar of chocolate should be 20 dollars. I don't care either way.

[–] [email protected] -2 points 8 months ago

Maybe we shouldn’t have chocolate, or maybe a bar of chocolate should be 20 dollars.

The people owning the businesses can make less profit and pay workers respectable wages without raising prices.

That's only if they're forced to, though.

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