3:55 Talk to me the situation today in the Colorado River Basin with drought and climate change. In the year 2000 Lake Powell was essentially full or nearly full. At about the year 2000 we went into a protracted period of reduced runoff that persists to this day…. If you’re going to keep your use of water high and you’ve got less water is coming in, guess what, the reservoirs begin to—you withdraw water out of the reservoirs. That’s why we have reservoirs. So everything was working the way it was supposed to, except that the drought kept going on. At some point it was like, whoa, we got problems here…. And so we keep cutting agreements, which are: how to share the pain of drought? We have an agreement—the Law of the River is what it is—but you can’t make water up, so if there isn’t enough water to go around you’ve got to deal with it… This new white paper that we produced is essentially an exploration of: what if it stays this dry? What if it gets drier?