Drought costing California

Yahoo (July 21,2014) — Over 80 percent of California is now in extreme or exceptional drought. CNBC's Jane Wells reports UC Davis predicts this will cost the state $2.2 billion and over 17,000 jobs. Wells also reports that, with California being the number 1 dairy state, the drought will cause dairy farmers and ranchers to lose about $200 million. However, crops will be taking the biggest hit, estimated to lose $810 million. Water is also being sold at auction at unheard of prices. Water, which is normally sold at $60 per acre-foot, is currently being sold at $8,000 per acre-foot.

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