As the drought drags on in the West, Texas is getting some relief with much-needed rain.

For the first time in three years, there's no part of the state that currently falls within the U.S. Drought Monitor's most severe classification of exceptional drought. The state isn't quite out of the woods yet though. There are still parts of Texas that are hurting for rain.

And now some Texas lawmakers are proposing that the state look into developing a statewide water grid and a water trading market. 

But just how feasible of an idea is that? Could a water market work in California?

Peter Gleick, co-founder and president of the Pacific Institute, an environmental research group based in Oakland, joins Take Two to talk water markets.

To hear the full interview, click the link above.