New Mexico's Elephant Butte Reservoir has dropped to a startlingly low level, turning what would normally be the height of lake season into a stark example of how deeply drought can alter a community. Here's what to know The reservoir has fallen to 1.4% of capacity, a decline that is reshaping the landscape and cutting into tourism-dependent businesses, according to KFOX14. After sitting at 5.6% capacity in June, the reservoir dropped to 1.4% by…