Colorado river water law is an extremely tricky legal area, and water quantities are constantly being debated and revised as water needs change in different communities.
As it is, Mexico is currently alloted 1.5 million acre-feet of Colorado river output over any given ten year period. The lower basin states (Arizona, New Mexico, Nevada, and California), are guaranteed 75 maf of CO river water each year, with the upper basin states being given jurisdiction over the rest of river output.
As far as the Gulf goes, no dam effort have been made regarding the Gulf of Mexico, so I would imagine that the river still flows naturally into the Gulf, oil spill and political issues notwithstanding.
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