Renton, every time you make these grand libertarian claims, can you please stop and check if you're presuming a totality of rational actors?

It only takes one privately owned industry, with dominion over a body of water, to slip into short sightedness. Once this happens, there is the potential for that resource to be squander for eons (no hyperbole here.) And while they do currently own the land*, property, ownership, and property rights need to be and their implications aren't so cut and dry when an owner is capable of negatively impacting a scarce resource in such a way that the ill effects last into perpetuity.

*How exactly does this work in libertarian theory? Do they own the plot of land and all land beneath it to its vanishing point at the core, as well as its airspace as it expands to the infinity of outer space? Is it possible for property owners to at times own planets, stars, and even multitudes of entire galaxies due to the whims of the constellation's alignments?