From a great Circle of Blue interview, Pat Mulroy of the Southern Nevada Water Authority has some great insights into how we value water, but also how we think about paying the resulting costs:

[W]e in the water business stand back, and we become amazed that somebody is willing to pay $US 80, $US 90, $US 100 for their cable bill, to pay that much for their cell phone bill, but they’re not willing to pay $14.90 for their water bill.

I recommend the full interview.