"faultlines": death on the bakken shale. only on al jazeera america. >> this is aljazeera america live in new york city. i'm tony harris. computer glitches impact the new york stock exchange. and air travel changing of the guard. baltimore's mayor commissions the police to stop the spike in violence and the muslim community comes to the aid of the african-american community. >> and we begin with a challenging day of technical glitches for the world's large effort stock exchange, and one of the world's large effort

"faultlines": death on the bakken shale.y on al jazeera america. >>> greece has an economy that represents about 2% of the g.d.p. of the european union, by geography, history, political inclipation, it's been a bit of an outlier, a little balkan, a little eastern european and a little eastern. it hasn't been a democracy for long when welcomed into the european union, and later into the euro. as expert gets noted. this was as much as political decision. this had no history of currency and integrity, it valued the track ma, accepted the fiscal discipline to get into the euro, but didn't keep it. we know it now. it's unclear how democracy hold them responsible. it's like knowing someone did you dirty, and if they are not available, pumping someone else in the nose. alexis tsipras and his syriza party came to power promising not to do what he just agreed to. it's tough medicine sore greece. get mad. throw them out of power. who said the choices made will get any better. cracks were bound up over the weekend. and the voters annoy

"faultlines": death on the bakken shale. only on al jazeera america. >> gang rape, among the most shocking of violent crime is stirring a global outrage. throughout asia, it is believed to be far more common than most people think. >> rape is a major problem in all countries across this region. >> women's experiences of violence are well documented but the motivations of men have been largely in the dark.

"faultlines": death on the bakken shale. only on al jazeera america. >> this is aljazeera america live in new york city. i'm tony harris. computer glitches impact the new york stock exchange. and air travel changing of the guard. baltimore's mayor commissions the police to stop the spike in violence and the muslim community comes to the aid of the african-american community. >> and we begin with a

"faultlines": death on the bakken shale.y on al jazeera america. >>> with no let up in the west's fierce heatwave, forecasters warn the fire season not only started earlier, but is likely to see more blazes and last longer than more. california's fire agency responded to 350 new fires in the drought-stricken state. in the face of the challenge firefighters are looking skyward for help to tame the wild. there's doubt that it is a strategy which works. >> it's unreal. >> shock and awe. inside the cockpit of an air national guard c130. the ground warning sounds. the plane is flying low, and slow. at the aircraft flies head on into a plume of smoke, ready to unleash a cloud of flame retardants. the historic fire began in an unremarkable way. in august of 2013, near california's yosemite national park. the pilot was in the air that morning, on his way home no groveland california. >> i was at an event in lake tahu. i saw the fire from the air. 7 o'clock in the morning. it was small. >> but unpredictable. powerful winds. combined

"faultlines": death on the bakken shale. only on al jazeera america. [ ♪♪ ] on"america tonight" - the weekend edition - sparking a high alert. the plane has to be ready in half an hour. >> it could be any one of them, it happens to be 912. >> the fire season and how bad will the season be, and whether the firefighters have the right tools to stop the blazers. >>> abbing accelerating addiction. >> is it scary for you, when you hear reports that they are cutting heroin with pento nil. >> it is scary, i grew to lo a lot of these people. >> sara hoy at ground zero of the opiate epidemic, and why as bad as it is, america's addiction problem may be getting worse. >>> thank you for joining us, i'm joie chen. we know the grip is powerful and becoming deadly. there are signs that heroin is reaching into new communities, getting more people hooked. "america tonight" has closely followed the nation's surge in opiate addiction, and now a new cvc report confirms what we have seen - an explosion of death due to heroin overdoses, earlier f

"faultlines": death on the bakken shale. only on al jazeera america. >> announcer: this is techknow, a show about innovations that can change lives. this is a show about science by scientists. let's check out the team. dr shini somara is a mechanical engineer. onight "techknow" on the road in greenland. >> we are on our way to the air base. i'm nervous. >> we are on board for n.a.s.a.'s operation icebridge - flying over some of the largest ice sheets on the planet. >> i managed to get into the cockpit, which, for a mechanical engineer, is a dream come true. >> of the the view is amazing, but something a wrong. >> this gigantic, ancient ice sheet is melting. >> we explore what is happening in greenland and how soon it will effect us. >> marita davison socializes in evolution, cara santa maria is a scientist journalist and educato in microbiology, and i'm phil torres, i'm an ento meteorologists. that's the team, let's -- entomologist. that's the team - now let's do some science. 7 music ♪ ] >>> hey, whim to "techknow." i'm phi

"faultlines": death on the bakken shale. only on al jazeera america. >> >>> tough talks ahead. eurozone finance minister due to resume talks in brussels to discuss a bail out for greece. >>> you're watching al jazeera, live from our headquarters in doha. also coming up held without charge. israel frees palestinian prison after a 55 day hunger strike. the u.n. says some of libya's warring factions agreed on a draft peace deal but the legally installed government was absent. thailand deports more than 100 uyghur muslims saying the group were on their way to fight against syria and iraq >>> well a planned meeting of all e.u. leaders on greece have been cancelled, and the eurozone finance minister are meeting a discuss the latest greek bailout proposals. athens has less than 24 hours to convince creditors that it can be trusted to enact forms. a package of reforms and austerity measures were put forth in a last ditch to stay in the eurozone. athens asked for $50 billion goouros. goouros. -- yourios. -- euros. finance minister are meeting. the new loan would be in addition to 240 bi

"faultlines": death on the bakken shale.y on al jazeera america. >> you have to taste chocolate all day long. >> how one man's passion... >> you take a piece of chocolate and you break it and you listen. >> led to a lifelong obsession... >> i owe my life to chocolate. >> and a dark warning. >> the world will run out of chocolate by 2020. >> i lived that character. >> we will be able to see change. >>> every time i have done a story about peurto rico, i'm reminded how little people know about the place. how it came to be part of the united statesers how uncle sam dealt with the island, its economy and people. american citizens almost a century, porto reekons are treated as foreigners. mainland industries, agriculture, electronic and pharmaceutical got what they want outed of the island, but they remained poorer than the united states. if you are so inclined, you blame it on the people. the same that don't allow the democracy joined by the people in the united states. the same people considered expendable when the island indus

"faultlines": death on the bakken shale.y on al jazeera america. >>> you're watching "inside story". i'm ray suarez. when you saw pictures of a burping church on the news, in the days after the charleston church shooting that killed 9 people, and heard of several more, what was your reaction in the days that followed - i can't imagine why this is happening, or here we go again. arson and hate has been ruled out as causes in self of the buildings. several others are less clear. we are talking about black churches burning, and there's institutions on the programme in black communities across america. ministers are men and women of honour, churches are big civic players, and black opened and operated institutions, culturally independent. particularly social space. the reverend of the southern christian leadership conference and senior fellow at the xunty agenda -- community agenda, is still with me. is the church in black america the same institution it was 40, 50 years ago, are we seeing as we are in america at large a growing

"faultlines": death on the bakken shale.nly on al jazeera america. ♪ >> announcer: this is al jazeera. ♪ hello there and welcome to the al jazeera news hour, coming to you live from doha, coming up, greece stays in the euro, a deal is reached over a third greek bailout but at what cost? concern on the streets of athens, will the new deal mean more years of increased austerity. plus edging towards a decision and powers are closer to signing on the future of iran's

"faultlines": death on the bakken shale. only on al jazeera america.witter. [ ♪ music ♪ >>> >>> hey, guys, welcome back to "techknow." we are in the middle of shini's incredible journey over greenland. spectacular views so far, and now the sign. >> one of the main object tefs of the mission is to understand the behaviour of the ice that sits over greenland. there was an array of technology recording that data. we get close to it, taking a first-happened look. let's check it -- first-hand look. let's check it out. n.a.s.a.'s operation icebridge is an airborne issue mapping changes to the arctic and antarctic. greenland. >> here we have to make our own dinners, and after a few hours of flying you work up an appetite. not bad. there are few feature comforts in this p3 plane, but it's business as usual for the scientists that spend eight to nine hours a day, six days a week, in the air. operation icebridge began in 2009, after the satellite ice sat stopped functioning. with the next satellite ice sat ii not due until 2015, the airborne missions fill the ga

what's happening here in north dakota where advances in fracking have unlocked crude oil in the bakken shale formation in the western part of the state. north dakota is now producing more than a million barrels of oil a day. ten years ago there were fewer than 200 oil-producing wells in the bakken. now there are more than 8,000. >> they call it boomtown usa this is where all the money is. it's crazy the amount of money you can make here. >> this rapid pace of development and the flood of workers comi

what's happening here in north dakota where advances in fracking have unlocked crude oil in the bakken shale formation in the western part of the state. north dakota is now producing more than a million barrels of oil a day. ten years ago there were fewer than 200 oil-producing wells in the bakken. now there are more than 8,000. >> they call it boomtown usa this is where all the money is. it's crazy the amount of money you can make here. >> this rapid pace of development and the flood of workers coming here, has given north dakota the lowest unemployment rate in the us. but it's also raised questions over the dangers of working in the oil fields. >> the more jobs you complete, the more money you make. the faster you complete them

"faultlines": death on the bakken shale. only on al jazeera america. i'm ali velshi, target from tehran, tonight, groundhog day all over again with less than 24 hours oto go with another final nuclear deadline. >> the free world cannot allow iran to have a nuclear weapon. >> how much could the states trust iran? wildly accusations against united states. >> this deal won't change iran for better. >> one of the most difficult and long lasting national security problems we've faced in a very long time. >> i'm ali velshi from tehran. less than 24 hours to go until what could be that final zeal. i'm in tehran david schuster is in our target studios in new york. >> ali, in washington, president obama went to a big deal going to the pentagon with ash carter. in case a deal is not worked out. a lot of anticipation in washington, a lot of anticipation where you are in tehran. tell us what you're seeing. >> david folks are still optimistic but many have seen this before, these deadlines come and go and the impression that most people here have is that it's not i

"faultlines": death on the bakken shale. only on al jazeera america. >>> in short isil's recent losses in both syria and iraq prove isil can and will be defeated. >>> they had head with isil the u.s.-led coalition ramps up its military coalition. ♪ ♪ >>> hello for do hay i am kamal an that tanaka maria this is the news from doha. the new bailout proposal for greece. family values and helping the poor pope francis spreads his message during a south american tour. >> am simon

"faultlines": death on the bakken shale. only on al jazeera america.

"faultlines": death on the bakken shale. only on al jazeera america. [ ♪♪ ] on"america tonight" - the weekend edition - sparking a high alert. the plane has to be ready in half an hour. >> it could be any one of them, it happens to be 912. >> the fire season and how bad will the season be, and whether the firefighters have the right tools to stop the blazers. >>> abbing accelerating addiction. >> is it

"faultlines": death on the bakken shale. only on al jazeera america. >>> determined to defeat isil. the u.s. president says the fight will be long, but progress is being made. ♪ ♪ >>> hello, i am darren jordan live in doha. also on the program, the leadsers of france and germany say they are open to fresh bailout talks but they want greece to work quickly. >>> the pope calls for the church to be more inclusive during his first may have of his south american tour. >> reporter: a showcase of some of the best and brightest ideas in

"faultlines": death on the bakken shale. only on al jazeera america. i'm ali velshi, target from tehran, tonight, groundhog day all over again with less than 24 hours oto go with another final nuclear deadline. >> the free world cannot allow iran to have a nuclear weapon. >> how much could the states trust iran? wildly accusations against united states. >> this deal won't change iran for better.

"faultlines": death on the bakken shale. only on al jazeera america. >> mountains of trash piled high as the eye can see at this landfill just outside san francisco. but inside this mass, scientists see potential. some of this waste is organic: about 40 percent of landfill waste nationwide is from food, that's waste that doesn't have to be there. but innovators are tackling that waste. a program that takes food from restaurants, vineyards and farms in the area ... turns that waste into energy. >> we're finding new ways to reuse what we used to call waste. >> right now, i'm at 90 percent of the waste recycling and composting. >> gabriella lozano owns a small cafe in san francisco's mission district. she composts everything. >> i'm a strong believer that i'm doing what i can, and the best that i can. >> what she's doing here on a small scale... is part of a much bigger picture. >> you look at what she's doing here in terms of diverting waste away from landfills and creating a recycling type of circuit here with everything that

what's happening here in north dakota where advances in fracking have unlocked crude oil in the bakken shale formation in the western part of the state. north dakota is now producing more than a million barrels of oil a day. ten years ago there were fewer than 200 oil-producing wells in the bakken. now there are more than 8,000. >> they call it boomtown usa this is where all the money is. it's crazy the amount of money you can make here. >> this rapid pace of development and the flood of workers coming here, has given north dakota the lowest unemployment rate in the us. but it's also raised questions over the dangers of working in the oil fields. >> the more jobs you complete, the more money you make. the faster you complete them the faster you can get to the next job. let's say i mean you take your time. if you be safe you are not i bet you could cut your pay in half. >> fault lines spent six months investigating some of the risks in north dakota's oil fields and uncovered a dark side to the boom. >> a lot of these workers come to north dakota, get chewed up and go home to recover. i get ca

"faultlines": death on the bakken shale. only on al jazeera america. ♪ u.s.trikes have reportedly killed a top i.s.i.l. leader and another commander in eastern afghanistan, afghan officials say tuesday's strike in the province also killed a dozen members of the group including a former spokesman for the pakistan taliban and new numbers from u.n. show the devastating impact of the war this syria and 4 million have fled the country to escape fighting and 7 1/2 million have been displaced inside syria. as we report it is the world's worst refugee crisis in more than two decades. >> reporter: four million and counting refugees in jordan camp didn't think the conflict in syria would last this long or force this many people out of the country and this is one of the camp's oldest residence and says 2 1/2 years later he finally has adjusted to life as a refugee but had this reaction when we told him the number of refugees in the region had reached four million. >> translator: this is a disaster. it means the entire population will eventually be displaced and makes me

"faultlines": death on the bakken shale. only on al jazeera america. >>> in short isil's recent losses in both syria and iraq prove isil can and will be defeated. >>> they had head with isil the u.s.-led coalition ramps up its military coalition. ♪ ♪ >>> hello for do hay i am kamal an that tanaka maria this is the news from doha. the new bailout proposal for greece. family values and helping the poor pope francis spreads his message during a south american tour. >> am simon mcgregor-wood. at a showcase for the best and brightest ideas in innovation and he did sign. ♪ ♪ >>> hello, everyone, u.s. president barack obama says he's determined to beat isil. the u.s.-led coalition is intensifying its campaign against the group with some of the heaviest bombing since it's began airstrikes last september. at least 19 of these air strikes were carried out in a rack and syria on sunday. president obama says the folk soys taking out isil's leaders and its infrastructure and the reason knowledge players in the middle east are united in t

"faultlines": death on the bakken shale.jazeera america. >>> affirm five action in its earliest forms was meant to address the gross inequalities in life chances, wealth accumulation and opportunity in this country. inning he qualities that resulted from generations of as a testimony atticly rigged institution that his denied good housing, good education and a chance to compete for good jobs for decades it's also been easy what out for a society in which talent, energy and creatively is widely distributed but the rewards for those attributes are not. it's the easy way out because it's much harder to fix, to address what's wrong with the way we funds k to 12 schools in america. how we maintain them, staffer them and the it's much harder to be honest about how race shapes your life at six, 12, 14 years olds . it would be harder to talk about how race still shapes chances in america. we try to play catch up with 17 and 18 year olds trying to address some of the inning equities in our freshman classes at public colleges, public

what's happening here in north dakota, where advances in fracking have unlocked crude oil in the bakken shale formation in the western part of the state. north dakota is now producing more than a million barrels of oil a day. ten years ago there were fewer than 200 oil-producing wells in the bakken. now there are more than 8,000. >> they call it boomtown usa this is where all the money is. it's crazy the amount of money you can make here. >> this rapid pace of development and the flood of workers coming here, has given north dakota the lowest unemployment rate in the us. but it's also raised questions over the dangers of working in the oil fields. >> the more jobs you complete, the more money you make. the faster you complete them, the faster you can get to the next job. let's say i mean you take your time. if you be safe, you are not i bet you could cut your pay in half. >> fault lines spent six months investigating some of the risks in north dakota's oil fields and uncovered a dark side to the boom. >> a lot of these workers come to north dakota, get chewed up and go home to recover. i get

"faultlines": death on the bakken shale. only on al jazeera america. >>> determined to defeat isil. the u.s. president says the fight will be long, but progress is being made. ♪ ♪ >>> hello, i am darren jordan live in doha. also on the program, the leadsers of france and germany say they are open to fresh bailout talks but they want greece to work quickly. >>> the pope calls for the church to be more inclusive during his first may have of his south american tour. >> reporter: a showcase of some of the best and brightest ideas in innovation and design. ♪ ♪ >>> the u.s.-led coalition has intensified its campaign against isil in iraq and syria. with some of the heaviest bombing since it began airstrikes last september. 19 have been carried out in the last 24 hours alone. kurdish peshmerga forces in iraq are helping on the ground. they say they have recently killed 40 isil fighters near the city of kirkuk. barack obama says he's determined to destroy the group and says regional players in the middle east are united in the fight. >> isil strategic weaknesses are real. isil is surrounded

"faultlines": death on the bakken shale. al jazeera america. >> more than 10,000 villagers were forced from a small town in western indonesia today when a volcano filled the air with clouds of ash. authorities are closely monitoring the eruption on mt. sinabung one of 30 active volcanoes in indonesia. now our global outlook the kalees times from uae failure to address the larger issue of corruption play drive more people into the arms of extremist elements. the writer talks on newly elected president muhammadu buhari. >>> in the telegraph a u.k. parliament member praises chancellor's budget means britain can hold its head high on the world stage. the agreement to spend 2% of the country's gdp on the military. shows that britain is serious about keeping strong military. >>> donald trump's course in scotland, controversial comments about mexican migrants leaves scottish golfers in a damaging situation. >>> iraq has recovered more than 800 ancient artifacts looted from the country after the u.s. invasion in 2003. some pieces ar

"faultlines": death on the bakken shale. only on al jazeera america. >> you have to taste chocolate all day long. >> how one man's passion... >> you take a piece of chocolate and you break it and you listen. >> led to a lifelong obsession... >> i owe my life to chocolate. >> and a dark warning. >> the world will run out of chocolate by 2020. >> i lived that character. >> we will be able to see change. >> we're deep into the men's final at wimbledon between roger federer and djokovic. federer is aiming for an eighth win while world number one djokovic is the defending champion. two sets were decided in a tie break, djokovic about to serve for the third set 5-4 up in the third, a bit of bad weather around. the roof may be going on. >> serena williams beating the spaniard in the final. >> it was the result everybody expected, a victory for williams and a sixth title. the bare facts don't tell the full story. the spaniard last year handed serena a defeat. the final is another thing. the number one seed fought back to take an exc

"faultlines": death on the bakken shale.nly on al jazeera america. >> protestors are gathering... >> there's an air of tension right now... >> the crowd chanting for democracy... >> this is another significant development... >> we have an exclusive story tonight, and we go live... >> remembering the dead more than 100 newly identified victims of the srebrenica massacre was laid to rest as thousands gather to remember the 20th anniversary of the atrocity. >> hello, i'm maryam nemazee. this is al jazeera live from london. also coming up. ministers meet in brussels to discuss greece's latest plan and it's skepticism that it will deliver what it promises. >>> a truce in yemen is breached just hours after coming

"faultlines": death on the bakken shale. only on al jazeera america. >> putting loved ones in a nursing home... hoping for the best. >> my father died because of the neglect. >> are they betraying your trust? >> it's a for-profit business. >>> welcome back to "third rail," we discussed whether bashar al-assad is the lesser evil plaguing the country, let's stay with syria, but broaden the conversation of refugees, with our panel. thank you all of you for joining us. let's start with you, the u.n. reported that the number of syrian refugees tops 4 million, the big number everyone is talking about. our research, and it took a while to get to the number shows that 7,000 have come to the u.s. in the past two years. does the united states have a moral obligation to help syrian refugees. >> help them there or bring them here and turn them into voters, there's a deterrence. >> bring them here. >> are we talking temporary fix or humanitarian aid with the sense of returning to the homeland or becoming men's. we are told we have to bri

"faultlines": death on the bakken shale. only on al jazeera america. >> this is aljazeera america live in new york city. i'm tony harris. computer glitches impact the new york stock exchange. and air travel changing of the guard. baltimore's mayor commissions the police to stop the spike in violence and the muslim community comes to the aid of the african-american community. >> and we begin with a challenging day of technical glitches for the world's large effort stock exchange, and one of the world's large effort airlines. trading at the new york stock exchange was suspended for several hours and united airlines had to ground flights for a short time because of computer problems. leaselisa stark joins us from washington and what do we know about these glitches? >> well, tony, as you can expect the first concern is was this some sort of coordinated cyber attack? thankfully, it was not and it was internal problems with the computer systems and that was the word today from the secretary of homeland security, who was speaking o

"faultlines": death on the bakken shale.nly on al jazeera america. >> you have to taste chocolate all day long. >> how one man's passion... >> you take a piece of chocolate and you break it and you listen. >> led to a lifelong obsession... >> i owe my life to chocolate. >> and a dark warning. >> the world will run out of chocolate by 2020. >> i lived that character. >> we will be able to see change. >>> greece has made a new deal with its european creditors that could save the country from imminent financial collapse, but the bailout requires greece to make some unpopular concessions, those include raising taxes, cutting pensionings and privateizing billions of dollars in government accesses while the greek prime minister was cutting the deal his actions were under close scrutiny back home. mohammed john june has reaction. >> reporter: there's certainly no surplus of relief. >> translator: this is the worst davy had here in 30 years. >> reporter: for decades he sold his lottery tickets while staring out at at -- atten's squa

"faultlines": death on the bakken shale.on al jazeera america. >>> imagine you once lost nearly everything, home, country, way of life - only to find you are losing it again. that's what it's like to be a bikini islander. they were relocated in 1946 when the u.s. government used bikini to test nuclear bombs. they were forced to move from place to place in the marshalls where they face a new threat, climate change. sheila macvicar, host of "compass", went to the marshall islands in and saw the challenges facing the bikinians. >> when you met the people and heard their stories, did they feel like a defeated people? >> i don't think defeated is quite the right word. betrayed, certain. they feel very strongly that promises that the u.s. government made to them, and the initial relocation in 1946 were not kept. that in their understanding, and perhaps in the undsing of american officials at the time, they thought they'd be off the island for a short period of time, when the americas were done with nuclear testing, they'd be able

"faultlines": death on the bakken shale. only on al jazeera america. >>> syrian president's death will change relations in the middle east. al-assad. >> we are pleased with the reassurances from the president. >> meeting with president bashar al-assad leaves me confident. >> many believe he's a reformer. >> demonstrations escalate. explosives. executed. >> chemical weapons were used. >> he has committed crimes. >> bashar al-assad needs to go >>> welcome back. joining us, a diplomat and spokesman on the ministry of foreign affairs. currently jihad is an independent politician and member of the cairo group. you worked for the syrian government, bashar al-assad was your boss. >> everyone's boss. >> why did you defect? >> i resigned. the word defection is used for the military, not a civil servant. i feel no longer as a diplomat i am act be useful for my country. i serve the state, not the regime. when i felt there was no room for diplomacy, i left and practised my fright to take up possession this way. >> i'm working independen

the train was carrying volatile crude oil from north dakota's bakken shale when it exploded on july 6 2013, killing 47 people and destroying dozens of buildings. in portland, oregon monday, 60 people held a memorial blockade, blocking the tracks into an oil transfer and storage facility and holding signs with the names and ages of the victims. the action is part of dozens planned in the coming days as part of the stop oil trains week of action. and those are some of the headlines. this is democracy now! democracynow.org, the war and peace report. i'm amy goodman. greek prime minister alexis tsipras has arrived in brussels for an emergency euro zone summit two days after greek voters overwhelmingly turned down the terms of an international bailout in a historic rejection of austerity. on sunday, greeks by 61 to 39% margin, voted against further budget cuts and talk hikes -- tax hikes. tsipras is scrambling to present a new bailout proposal as greek banks remain shut down. if greek angst run out of money in the country is to print its own currency, it could mean a state leaving the euro

"faultlines": death on the bakken shale. only on al jazeera america. >> we're here to fully get into the nuances of everything that's going on not just in this country but around the world. getting the news from the people who are affected. >> people need to demand reform... >> ali velshi on target weeknights 10:30p et >> welcome to the news hour. coming up in the next 60 minutes, no more grexit, a deal reached over a third greek bailout in what is described as one of the worst crisis in e.u. history. >> mixed reaction in greece to the news. we will be there live. >> plus world powers are edging close to signing a deal on the future of iran's nuclear program. >> i'm john hen continue in

america has a lot of shale deposits. the bakkenn north dakota, the marcellus in pennsylvania and new york, the woodford in oklahoma, and in texas, the barnett, the eagle ford, and the permian basin. >> chevron's history in this basin goes back to the early 1920's. almost at the start of the basin. we are fortunate that we have been here for a long time and have been here consistently. this basin has seen ups and downs in terms of production. it had been on a gradual and slow decline. then a number in the industry recognized the unconventional development in the barnett outside of forth worth and dallas could maybe be applied here. it turned out that was exactly right. we are in a renaissance in the permian basin today. erik: no oil company has more land in the permian basin than chevron. yet chevron missed the first wave of fracking success. independent producers were faster and more aggressive. >> the shale revolution came on so fast. let's be clear -- so far, the majors have not played well. but i think we have to think about how

it's compromised to a large degree by the smaller e & p that have been operating in the bakken and the marcellus shale have gotten funding that probably should not have. we are -- we don't want to put ourselves in the position to catch a falling knife, but at some point those will be a buy. at another point, some of those will be default candidates and let's face it, in the high yield market as a whole, with qe the fed has basically deferred the default cycle. >> if you look though at five-year implied default rates, is that not enough baked in already? you think it gets worse than that? >> i think it definitely gets worse. again, i think the market is shifting with regard to -- i agree with the fellow from goldman sachs. earlier this year, i think everyone was convinced it was pretty much a supply problem. i think now investors are realizing it's kind of a demand problem too especially with china. that's not just for energy but metals and mining. >> can i clarify one thing? >> real thing. >> three to five years he's not a hope investor, saying if you buy it now you have to hope in the near term it wo