jim tanker at the new york times. thank you so much i would like to follow up on jeff s question and ask about supply chains as a follow-up to that. on the question of oil prices economist say when you raise the price of something people will consume less of it. why not allow even middle-class people around the world to pay more for gasoline in the hopes that they will consume fewer fossil fuels and admit less. they have to get to the automobile enter on the key and get the kids to school. school buses have to run. that s the reason why, you know that. the idea that there s an alternative to walk away from being able to get into your automobile is not realistic and it s not going to happen. it s not what was intended to happen. by the way when the cost of a gallon of gasoline gets above $3.35 a gallon, it has profound
on the question of oil prices, economists say that, you know, when you raise the price of something, people will consume less of it. so why not allow even middle class people around the world to pay more for gasoline in the hope that they would consume fewer fossil fuels and emit less? well, because they have to get to their work. they have to get in an automobile, turn on the key, get their kids to school. the school buses have to run. that s the reason why. you know that, jim. that s the reason. the idea that we can there s an alternative to walk away from being able to get in your automobile is just not realistic. it is not going to happen. it wasn t intended to happen. by the way, when the cost of a gallon of gasoline gets to above 300 $3.35 a gallon, it has profound impact on working class families, just to get back and forth to work. eric: he said it wasn t ironic he thinks going to
ports. now, all stocks have been retreating just a bit in the past few hours. in fact, that s after hitting 7 year highs for the fifth day in a row. u.s. crude jumped over 1% closing up almost $84. you can see there its highest since 2014. more than double the price of one year ago. brent crude there 85. also brent crude as you see in your graph there a three-year high gaining nearly 1%. of course that means gas prices continue to rise, but the average american paying $3.35 a gallon, more than a dollar higher than the same time last year. to really put it in perspective for you. now, an entirely different kind of business is taking off in colombia. the nation s infamous illicit drug trade now to become a major international supplier of medical marijuana. as stefano reports, the industry is creating an economic opportunity some kilocolombianse