Liquid Gold or Water for Pecans? Valuation of Groundwater in Regulatory Takings Law

摘要

Texas overwhelmingly depends on its groundwater to meet current and future growth. Day's creation of absolute ownership of groundwater property rights in situ cannot be construed to preclude management of Texas' aquifers for the common good of urban, rural, and industrial water use. Clearly, some reform is needed. In the context of this Comment, one reform begins with the proper use of standard economic tools to value the managed water at stake. With values correctly established, an omniscient judge might achieve that elusive balancing of private property and public good in Justice William J. Brennan's Penn Central opinion. But if the values are wrong to begin with, future water supplies for the people of Texas may prove to be as ephemeral as the Colorado River as it disappears into Mexico.