The Golden State needs water now, right now.

Why it matters: California reservoir water levels are so low that some hydroelectric power plants may be forced offline during the peak of summer wildfire season, AP reports.

• The state's massive water storage system is vanishing faster than usual.
• The state’s reservoirs are 50% lower than normal, according to Jay Lund of the University of California at Davis.
• More water isn't coming: The mountain snowpack vanished two months ahead of schedule, and California doesn't enjoy rainy summers.

All of this is ahead of the summer heat waves.

The big picture: These drought cycles are tied to climate change and are expected to worsen as population growth drives more water demand in the region, notes Axios' Bryan Walsh.

In the case of Lake Oroville in California, the reduced water levels threaten catastrophic downstream effects, AP notes.

• Salmon need cold water from the bottom of the reservoirs to spawn, and San Francisco Bay needs fresh water from the reservoirs to keep out the salt water that harms freshwater fish.
• Farmers need to irrigate fields that are far less productive without water. Some of those fields won't yield a crop without irrigation.
• And those lakes supply electricity: If Lake Oroville falls below 640 feet, which it could do by late August, state officials would shut down a major power plant for just the second time ever because of low water levels.

The bottom line: The Southwest is drying out, and California's large wildfires could start as soon as this month.

• Vegetation is at near-record dry levels for this time of year, wildfire expert Craig Clements told Axios' Andrew Freedman.

The White House said 75% of the first wave of vaccine doses shipped abroad would go through the COVAX initiative.

• Priority shipments are for Latin America, Southeast Asia and Africa.

Another 25% of the vaccines will be shared bilaterally to address immediate surges, with first doses available to Mexico and Canada.

1. President Biden is eyeing a 15% minimum corporate tax rate to pay for infrastructure. Go deeper.
2. United Airlines will buy 15 supersonic jets from aviation startup Boom Supersonic, and it'll have the option to purchase 35 more in the future. Go deeper.
3. Twitter unveiled a subscription offering with features like bookmarks, undoing tweets, reader mode and a customized app. Go deeper.
4. The FBI is investigating Postmaster General Louis DeJoy over campaign fundraising activity involving his former business. Go deeper.

Above: A Disney employee plays Captain America during a media preview of the Avengers Campus, which opens tomorrow at Disney California Adventure — adjacent to Disneyland in Anaheim, California.

• The first phase of the Marvel-themed land "opens with a Spider-Man interactive dark ride, Doctor Strange magic show, Ant-Man and the Wasp restaurant and Marvel character meet-and-greets and rooftop stunt shows," the Orange County Register reports (subscription).

The Avengers Campus "puts visitors in an old Stark Motors warehouse district repurposed into a high tech superhero training campus," per The Register. "Aging brick buildings covered in graffiti and blast-proof doors leading to the former Strategic Scientific Reserve are juxtaposed next to ... shimmering stainless steel future-leaning architecture."

Go deeper (LA Times)