The Kern Water Bank: From Public Resource to Private Asset
Spanning 32 square miles in the Southern San Joaquin Valley, the Kern Water Bank can store 1.5 million acre-feet of water—nearly triple the capacity of Lake Isabella. Originally developed by the California Department of Water Resources, ownership was transferred to private entities, including Westside Mutual Water Company, a wholly owned subsidiary of the Resnicks’ Wonderful Company. This allowed the Resnicks to control nearly 60% of the bank, effectively enabling them to sell water back to Californians during droughts.
Profiting from Public Resources
The Resnicks’ agribusiness empire, The Wonderful Company, consumes approximately 150 billion gallons of water annually to produce luxury goods like pistachios, pomegranate juice, and citrus fruits. These products, often priced beyond the reach of average consumers, are cultivated using water that was once a public resource. This dynamic not only exacerbates California’s water scarcity but also deepens socioeconomic disparities.
