California agriculture industry facing $1 billion in drought losses

California’s agricultural industry is facing $1 billion in lost revenue this year from the state’s worst drought in decades and could pay about $500 million for additional groundwater pumping, a new study said. The UC Davis Center for Watershed Sciences said in a report released Tuesday that the state’s drought has reduced river water for Central Valley farms by roughly one-third their normal level, increasing the need for groundwater pumping.  Read More