There is a small finite upper bound on the amount of easily accessible water in near-Earth space, including water from C-type NEAs and permanently shadowed lunar craters. Recent estimates put this total at about 3.7 x 10(12) kg. Given the non-renewable nature of this resource, we should begin thinking carefully about the regulation of near-Earth water sources (NEWS). This paper discusses this issue from an ethical vantage point, and argues that for the foreseeable future, the scientific use of NEWS should be prioritized over other potential uses of NEWS.