Is water the new oil? The answer is yes according to a number of economists business leaders scientists and geopolitical strategists who argue that it’s time to stop taking for granted the substance that covers 70% of the planet and makes up a similar proportion of the human body. Just as the late 20th century saw an oil shock the early 21st century may feature a water shock where scarcity leads to a sharp price hike on a resource that has always been plentiful and cheap. Such a scenario could have an even bigger impact than peak oil transforming markets governments and ecosystems alike.