"Drought conditions described as being worse than the infamous Dust Bowl of the 1930s have forced Lake Powell to its lowest level in more than 30 years.
At the end of last week, the lake's water level was 117 feet below its fill line or at just 42 percent of capacity. Its surface elevation of 3,383 feet above sea level is the lowest it's been since 1970 when the gigantic reservoir, completed in 1966 (sic. - 1963), was still filling.
EDIT
The designers of Glen Canyon Dam and the reservoir had a "pretty clear idea" that a long drought could hit, he said. They planned for the reservoir to have enough carryover water for a drought. It has been able to fill the needs for the past five years. The lake's present usable capacity amounts to about 10.2 million acre-feet of water.
"Our preliminary calculations show that we can handle upwards of three more years of drought beyond 2004 before the situation becomes critical," Wirth added. What if the drought continues beyond that? Wirth said states that share Colorado River water are collaborating to explore possible solutions. If the drought extends another few years, "things will get tough, and the states recognize that.""
EDIT
http://deseretnews.com/dn/view/0,1249,595055710,00.html