The severe drought in Texas has prompted financial losses of more than $5 billion to the agriculture sector, according to a division of Texas A&M University.
According to Bloomberg, the Texas AgriLife Extension Service penned a report stating losses from the worst drought in one century are $5.2 billion and climbing. Should the lack of rain continue, those losses will resume. The losses dwarf totals from a drought in 2006, which amounted to $4.1 billion, which was the previous record.
"This drought is ongoing," states the report by livestock economist David Anderson of AgriLife livestock. "Further losses will continue if rainfall does not come soon to establish this year’s winter-wheat crop and wheat grazing."
The 10 months from October 2010 to July 2011 were the driest on record and losses do not include the rain shortage's damages to the production of vegetables and nursery crops.
The Associated Press reports statewide lakes and reservoirs are depleting after at least one month of 100 degree days. Some communities are drilling wells, running pipelines to water sources and implementing strict water bans.
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