“Water is the new oil.”Nowhere is this platitude more recited than here in Texas, where homegrown oil-and-gas money — and now even global capital — is flowing into the next resource boom: groundwater. T. Boone Pickens’ Mesa Water, which was the first to acquire groundwater rights from landowners for export to thirsty communities, is just the best-known name in the state’s burgeoning groundwater market. It also includes BlueWater Systems, the Val Verde Water Co., Heritage Commodity and Forestar. In October, Abengoa and BlueWater won approval for a $3.4 billion project to pipe groundwater 140 miles from Burleson and Milam counties to San Antonio. We Texans are by no means alone in commoditizing water. The share price of Cadiz, the sponsor of a project that aims to mine and bank groundwater beneath the Mojave Desert and sell it to parts of drought-stricken California, has more than doubled in the past […]