In the coming decades, as growing numbers of people live in urban areas and climate change makes some regions much more prone to drought, water — or what many are calling “blue gold” — will become an increasingly scarce resource. By 2030 nearly half of the world’s population will inhabit areas with severe water stress, according to the Organization for Economic Cooperation and Development. Pickens understands that. ... “The idea that water can be sold for private gain is still considered unconscionable by many,” says James M. Olson, one of America’s preeminent attorneys specializing in water- and land-use law. “But the scarcity of water and the extraordinary profits that can be made may overwhelm ordinary public sensibilities.”