This has been an issue of mismanagement of the lake for years! The drought has played its part, but the lake has been dropping since it reached full pool in 1984. This is a political issue that non of us will resolve, and the water consumption will keep increasing and the lake will be back to a river in the near future (look at the history). The lake will not see a significant increase this year, just like last year. The upper basin lakes were lowered to help Powell and Mead, and are now lower than they have been in years. Start managing the water storage and put restrictions on those down stream, the population and water demand isn't going down its only increasing at alarming rates! The BOR is a joke the way the water storage is being mismanaged!
Well it's definitely a tough situation, but there's really only so much BOR can do when you're dealing with the kind of drought the region is facing. To clarify a few things:
1. After reaching full pool in 1980, Lake Powell was effectively full from 1980-86 or so, with a few dips here and there. An extended drought in the late 80s/early 90s dropped the lake to about as low as 3612 in the winter of 1991/92, but the lake filled again--effectively full again from 1997-2000. The huge drought of 2000-04 got the lake started on a larger decline, hitting bottom in April 2005 at 3555.... but then in 2011 it was as high as 3661. So it's not accurate to say the lake has been dropping since 1984.
2. Lower Basin water consumption from the Colorado River has actually been dropping since 2000, not rising. It had climbed quite a bit from 1980-2000 as the lakes were full and restrictions seemed unnecessary, owing largely to overuse in California and growth in Arizona. But when the 2000-04 drought hit, those states changed their management strategies, particularly CA. Here's the combined water use of CA/AZ/NV over the past few decades (figures from BOR):
1980 - 6.0 maf
1990 - 7.7 maf
2000 - 8.3 maf
2010 - 7.4 maf
2020 - 6.8 maf
...and remember, those three states are collectively allocated 7.5 maf...
3. In terms of managing Mead and Powell, you really have to look at them as one unit. Their collective storage capacity is about 50.2 maf. Since 1980, the amount in two reservoirs combined (except for a brief period in the mid-90s) has been steadily dropping. From 1980-2000, it was mostly because Lower Basin water consumption was up. But since then, Lower Basin water use has been down, and yet the lakes continue to generally drop. There's just not enough snowpack. Looking back, here's the average collective percentage full of the two lakes combined as a function of theoretical capacity:
1980 - 90%
1990 - 75%
2000 - 87%
2010 - 51%
2020 - 45%
...and today, we're at 29% of combined capacity. As an aside, the current combined storage of 14.7 maf is less than any time since Lake Powell has existed. You have to go back to 1956, when there was no Lake Powell, and Lake Mead held only about 12.2 maf to find a time when Colorado River storage was less than it is now. (In the 1940s and early 1950s, Mead typically was over 20 maf.)
4. The question was raised about "why is Mead dropping so fast right now?" Well, that's largely a function of current BOR protocol to hold back releases from Powell this year--the 7.48 maf release figure (as opposed to the more usual 8.23 or even 9.0) is being felt downstream. It may not seem like that's what's happening, but it is. Consider this: In a more typical spring, about 11-12,000 cfs/day is released from Powell. Right now, it's more like 9,500 cfs. The effects are felt downstream. At Mead, you'd normally have inflow of about 11,500 cfs right now, but it's closer to 9-10,000. Makes a big difference there, and when you combine that with the normal Mead outflows of 15-16,000 cfs to meet downstream user obligations, Mead drops. Simple as that.
So what's the solution? Well, sure, better water conservation practices help--pretty tight restrictions are already in place in CA already, for example. All states committing to using less from the river, yes, and that's the focus of current discussions in reworking the 1922 Compact. But in the end, the most effective solution? More snow.
In any case, BOR can't control any of those things...