Water speculators could face more obstacles based on work by new groupNews Type: Regional Source: Colorado Newsline
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Some feel like it’s something straight out of a dystopian movie. Others say it’s already happening: out-of-state companies purchasing Colorado water rights as an investment for when water gets so scarce that the price skyrockets.
“Water speculators aren’t in the business of using the water, they’re in the business of owning the water for future times when they can sell it,” said state Sen. Kerry Donovan, a Vail Democrat. “And that’s why you see hedge funds coming into the state and buying water in a portfolio. That is what is concerning me.”
This week, the Colorado Department of Natural Resources announced an 18-member work group to conduct a study of how to strengthen Colorado’s water anti-speculation law. Currently, Colorado water law prohibits speculation by requiring water to be used for a beneficial purpose.