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Old 04-06-14, 04:13 PM   #3
ecomodded
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This next Billionaire is taking full advantage of the countries water supply - what a debacle !

Pickens Water-to-Riches Dream Unravels as 11 Texas Cities Scoop Up Rights
By David Mildenberg Jul 13, 2011 9:01 PM PT
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Amarillo, Lubbock and nine other West Texas cities coping with the worst drought in more than 50 years solved some of their water problems by waiting outT. Boone Pickens, the billionaire Dallas oilman.

The Canadian River Municipal Water Authority, supplying the 11 cities with a combined population of about 500,000, will issue bonds to buy Pickens’s water rights on 211,000 acres, General Manager Kent Satterwhite said. Most of the rights are in Roberts County, which has more groundwater than any Texas county, according to Amarillo Utilities Director Emmett Autrey.

Pickens, 83, started buying water rights northeast of Lubbock and Amarillo more than 10 years ago. By 2002, the investor was predicting that he could start selling water in three years to the Dallas-Fort Worth area, Satterwhite said. Pickens sought to build a $3 billion pipeline to the fourth- largest U.S. metropolitan area by population, 350 miles (560 kilometers) away, yet couldn’t make a deal.

“I wasn’t getting any serious negotiations with Dallas- Fort Worth,” Pickens said July 12 in an interview in New York. “I thought, if we’re going to sell it and they want it locally, we’ll sell it to them.”

The Canadian River authority, based northeast of Amarillo in Sanford, will sell bonds in the next 60 days to pay for its $103 million water purchase.

Pickens Water-to-Riches Dream Unravels as 11 Texas Cities Scoop Up Rights - Bloomberg
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