Out-of-state investors are buying up Nebraska land in part because of the groundwater that can be placed on crops. But there are restrictions on what they can do with that water.
It seems like ownership is the wrong paradigm for natural resources. As the article mentions, Texas and Oklahoma allow ownership of water as a mineral right. That allows unlimited exploitation of the resource, ignoring that the resource itself is limited. Thus, the Ogallala aquifer is depleted. Resources need to be managed to prevent tragedy of the commons.
It seems like ownership is the wrong paradigm for natural resources. As the article mentions, Texas and Oklahoma allow ownership of water as a mineral right. That allows unlimited exploitation of the resource, ignoring that the resource itself is limited. Thus, the Ogallala aquifer is depleted. Resources need to be managed to prevent tragedy of the commons.