Posts Categorized: In The News

Posted by & filed under In The News.

Bill Holter’s Commentary

This cannot be good…

Russia Evacuating Embassy In Ukraine – Media
January 18, 2022

With tensions rising on the Russian border with Ukraine, Moscow has started to remove its diplomats and their families from its embassy in Kiev and consulate in Lvov, the New York Times has claimed, citing anonymous officials.

In a report published on Monday, the newspaper claimed that 18 people, primarily children and wives of Russian diplomats, left Ukraine on January 5. A further 30 people allegedly left in the two weeks following that, and diplomats from two other Russian consulates (Kharkov and Odessa) had reportedly been told to prepare to leave the country.

In response, the Russian Foreign Ministry reported that “The Russian embassy in Kiev is working normally,” but did not deny any downsizing.

According to the New York Times, officials from both the US and Ukraine confirmed that Russian diplomats had left.

Reports of evacuations come as Moscow is accused by Western nations of a troop build-up on the frontier with Ukraine, allegedly with the intent of invading the country in the coming weeks and months. The Kremlin has repeatedly denied any plan to attack and has suggested that NATO is invoking the specter of “Russian aggression” as a pretext to deploy more military equipment in the region.

Last week, America’s CNN claimed that a “group of operatives” trained in urban warfare and the use of explosives had been sent to “carry out acts of sabotage against Russia’s own proxy forces” to create a pretext for military intervention in Ukraine.

This story, citing anonymous sources, echoed a previous statement by United States National Security Advisor Jake Sullivan, who claimed that American intelligence had reason to believe Moscow is planning a scenario where it can justify a military incursion into Ukraine.


Bill Holter’s Commentary

It has to be the plan as no one could ever be this stupid.

Vaccine Mandate for Cross Border Trucking Now in Effect, Mandate for Domestic Trucking Begins in a Week, Prepare Your Affairs Accordingly
January 16, 2022

The cross border vaccine mandate for truckers in/out of Canada is now in effect.  The U.S. vaccine mandate takes effect on January 22nd.

It will take a few days to see the consequences, but there will be consequences.

Keep in mind, any impact is taking place in a supply chain system that is already tenuous and unstable at best.  A small disruption that may have been minimally significant against a fully operational supply chain, is more likely to be a much bigger disruption in a supply chain that is already under a severe amount of demand side stress.  Somewhere in the range of 16,000 to 38,000 daily loads are likely to be impacted.

When questioned about this, Canadian Intergovernmental Affairs Minister Dominic Leblanc says the trucking industry “has had adequate time to prepare for this.”  Keep in mind, the mandate was announced 45 days ago (November 30th).  According to the Canadian government, changing the structural rules for all the logistics and commerce in cross border shipping, 45 days is enough notice.


Bill Holter’s Commentary

As we had surmised at the time in late 2019, the credit markets were about to implode. Thank God Covid came along to cool down credit demand when it did?

Nomura, JPMorgan and Goldman Sachs Received a Cumulative $8 Trillion from the Fed’s Emergency Repo Loans in Fourth Quarter of 2019
January 17, 2022 ~

The Dodd-Frank financial reform legislation of 2010 ordered the Government Accountability Office (GAO), an investigative body for Congress, to audit the Fed’s alphabet soup of emergency lending programs conducted during and after the 2008 financial crisis. The GAO found that a cumulative $16.1 trillion had been pumped out to Wall Street firms by the Fed – at super cheap interest rates. The GAO provided data for the peak amounts outstanding and also a cumulative total.

Why is a cumulative total essential and relevant? Because one institution in 2008, Citigroup, was insolvent for much of the time the Fed was flooding it with cheap loans. (Under law, the Fed is not allowed to make loans to an insolvent institution.) And when an insolvent institution is getting loans rolled over and over by the Fed for a span of two and a half years, at interest rates frequently below one percent when the market wouldn’t loan it money at even double-digit interest rates, it’s highly relevant to know the cumulative tally of just how much Citigroup got from the Fed. According to the GAO, that tally came to $2.5 trillion for just some of these Fed loan programs. (See page 131 of the GAO study here.)

The academic scholars that compiled the Fed’s loans during the financial crisis for the Levy Economics Institute also provided cumulative tallies. Their tally, which included additional Fed bailout programs not included by the GAO, came to $29 trillion.

The largest of the Fed’s emergency loan programs to Wall Street trading houses in 2008 was called the Primary Dealer Credit Facility, or in alphabet-soup-speak, PDCF. It made a cumulative tally of $8.9 trillion over a span of more than two years. Just three Wall Street trading firms received 64 percent of that money: Citigroup, a cumulative $2.02 trillion; Morgan Stanley, a cumulative $1.9 trillion; and Merrill Lynch, a cumulative $1.78 trillion.


Posted by & filed under In The News.

Bill Holter’s Commentary

State and local elections do matter!

Virginia’s New AG Fires Civil Rights Division, Will Start Prosecuting Cases Dropped By ‘Social Justice’ DAs

January 15, 2022

Within hours of taking office, Virginia’s newly sworn-in Attorney General Jason Miyares (R) cleaned house – firing dozens of lawyers, including those in the Civil Rights division – and announcing investigations into the Virginia Parole Board and Loudon County Public Schools.

“I’ve been told incoming AG @JasonMiyaresVA just FIRED the entire civil rights division in the Attorney General’s office,” tweeted VA State Senator Louise Lucas.


Bill Holter’s Commentary

This is a question we have spoken about many times. Do you live in a city? If you wait until you “must” move, it will be too late! 

Should You Move While You Can, Or When You Must?
January 14, 2022

This gives an extreme advantage to those few who move first, long before they must. The financial advantage for first movers is equally extreme.

Moving is a difficult decision, so we hesitate. But when the window to do so closes, it’s too late. We always think we have all the time in the world to ponder, calculate and explore, and then things change and the options we once had are gone for good.

Moving to a new locale is difficult for those of us who are well-established in the place we call home. Add in a house we love, jobs/work, kids in school, a parent living with us and all the emotional attachments to friends, extended family, colleagues and favorite haunts, and for many (and likely most) people, moving is out of the question.

Many of us have fond memories of moving when we were in our late teens or early 20s–everything we owned fit in the backseat and trunk of a beaten up old car, and off we went.

Once you put down roots in a home, work/enterprise, schools, neighborhood and networks, it’s a herculean task to move. Moving to another state or province isn’t just a matter of the physical movement of possessions and buying / renting a new dwelling, itself an arduous process; the transfer of medical and auto insurance, finding new dentists and doctors, opening local bank/credit union accounts, obtaining local business licenses and a staggering list of institutions and enterprises that require an address change is complicated and time-consuming.

Knowing this, I don’t ask this question lightly: Should You Move While You Can, Or When You Must? The question is consequential because the window in which we still have options can slam shut with little warning.


Bill Holter’s Commentary

False Flags were never “conspiracy theory” to begin with, only FACTS of life!

False Flags Suddenly No Longer A Crazy Conspiracy Theory
January 16, 2022

In a drastic pivot from typical denunciations of false flag operations as conspiratorial nonsense that don’t exist outside the demented imagination of Alex Jones, the US political/media class is proclaiming with one voice that Russia is currently orchestrating just such an operation to justify an invasion of Ukraine.

“As part of its plans, Russia is laying the groundwork to have the option of fabricating a pretext for invasion,” White House Press Secretary Jen Psaki told reporters on Friday. “We have information that indicates Russia has already pre-positioned a group of operatives to conduct a false flag operation in eastern Ukraine.”

“Without getting into too much detail, we do have information that indicates that Russia is already working actively to create a pretext for a potential invasion, for a move on Ukraine,” Pentagon Spokesperson John Kirby told the press on Friday. “In fact, we have information that they’ve pre-positioned a group of operatives, to conduct what we call a false flag operation, an operation designed to look like an attack on them or their people, or Russian speaking people in Ukraine, as an excuse to go in.”


Posted by & filed under In The News.

Bill Holter’s Commentary

This is a start!
We failed’ — Top Newspaper In Denmark Apologizes For Promoting Covid Hysteria…
January 13, 2022


Bill Holter’s Commentary

Who’s sweating now?

Who’s Sweating Now? Ghislaine Maxwell Ends Fight To Keep John Doe Names Sealed
January 13, 2022

Sven Nackstrand/AFP

A whole lot of John Does are likely more nervous this morning.

At issue? Virginia Giuffre’s request to unseal documents that name names in her since-settled civil lawsuit against Ghislaine Maxwell, which led to a lengthy and ongoing open-records battle.

In December of last year, a Manhattan jury in Maxwell’s trial returned guilty verdicts in five of the six charges against her after six days of deliberations. Maxwell faced federal charges that included conspiracy, violations of the Mann Act, and sex trafficking a minor for her role as Jeffrey Epstein’s longtime confidante and now-convicted accomplice, related to what prosecutors described as Epstein’s “Pyramid scheme” of sexual abuse of minor girls.

Depending on what lies underneath the redactions, the unsealed information could make waves inside the same courthouse, and around the world.

Giuffre, one of Epstein’s many alleged victims, filed a federal lawsuit in New York in August of last year accusing Britain’s Prince Andrew of sexually abusing her on multiple occasions when she was 17 years old. Her lawsuit against Alan Dershowitz—and his countersuit against her—are also playing out in the Southern District of New York.

In a legal brief filed on Wednesday, Giuffre requested that the judge unseal the names of the John Does currently kept out of the public eye, in part due to their complaints of how disruptive the media attention would be to their lives.


Bill Holter’s Commentary

What’s in your pantry?

BREAKING: The ‘Mother of All Supply Chain Shocks’ Is Coming
January 14, 2022

Over the past month, as Wall Street turned increasingly optimistic on US growth alongside the Fed, with consensus (shaped by the Fed’s leaks and jawboning) now virtually certain of a March rate hike, we have been repeatedly warning that after a huge policy error in 2021 when the Fed erroneously said that inflation is “transitory” (it wasn’t), the central bank is on pace to make another just as big policy mistake in 2022 by hiking as many as 4 times and also running off its massive balance sheet… right into a global growth slowdown.

And, as we have also discussed in recent weeks, one place where this growth slowdown is emerging — besides the upcoming deterioration in US consumption where spending is now being funded to record rates by credit cards before it encounters a troubling air pocket — is China and its “covid-zero” policy in general, and its covid-locked down ports in particular.

But what until recently was a minority view confined to our modest website, has since expanded and as Bloomberg writes overnight, the effects of restrictions in China as the country maintains its Covid-zero policy “are starting to hit supply chains in the region.” As a result of the slow movement of goods through some of the country’s busiest and most important ports means shippers are now diverting to Shanghai, causing the types of knock-on delays at the world’s biggest container port that led to massive congestion bottlnecks last summer that eventually translated into a record number of container ships waiting off the coast of California, a glut that hasn’t been cleared to this day.


Posted by & filed under In The News.

Bill Holter’s Commentary

Quite significant, the narrative is unravelling. Should be pretty easy from here, follow the money but will they? Is it the deal breaker in the “confidence department”?

Military Documents About Gain of Function Contradict Fauci Testimony Under Oath
January 10, 2022

[WASHINGTON, D.C. – Jan. 10, 2022] Project Veritas has obtained startling never-before-seen documents regarding the origins of COVID-19, gain of function research, vaccines, potential treatments which have been suppressed, and the government’s effort to conceal all of this.

The documents in question stem from a report at the Defense Advanced Research Projects Agency, better known as DARPA, which were hidden in a top secret shared drive.

DARPA is an agency under the U.S. Department of Defense in charge of facilitating research in technology with potential military applications.

Project Veritas has obtained a separate report to the Inspector General of the Department of Defense written by U.S. Marine Corp Major, Joseph Murphy, a former DARPA Fellow.

The report states that EcoHealth Alliance approached DARPA in March 2018, seeking funding to conduct gain of function research of bat borne coronaviruses. The proposal, named Project Defuse, was rejected by DARPA over safety concerns and the notion that it violates the basis gain of function research moratorium.

According to the documents, NIAID, under the direction of Dr. Fauci, went ahead with the research in Wuhan, China and at several sites across the U.S.

Dr. Fauci has repeatedly maintained, under oath, that the NIH and NAIAD have not been involved in gain of function research with the EcoHealth Alliance program. But according to the documents obtained by Project Veritas which outline why EcoHealth Alliance’s proposal was rejected, DARPA certainly classified the research as gain of function.


Bill Holter’s Commentary

Did “Covid” conveniently save the financial system…for now?

Wall Street Banks Have an Alibi for their $11.23 Trillion in Emergency Repo Loans from the Fed – It’s a Doozy
January 6, 2022

From September 17, 2019 through July 2, 2020, the trading units of the Wall Street megabanks (both domestic and foreign) took a cumulative total of $11.23 trillion in emergency repo loans from the Federal Reserve. The loans were conducted by one of the 12 regional Fed banks, the Federal Reserve Bank of New York – which is literally owned by megabanks, including JPMorgan Chase, Goldman Sachs, Citigroup, Morgan Stanley and others.

The New York Fed is also responsible for sending its bank examiners into these same banks to make sure they aren’t plotting some evil scheme that will bring down the U.S. economy, as they did with their derivatives and subprime debt bombs in 2008. Unfortunately, if a New York Fed bank examiner doesn’t listen to the “relationship managers” at the New York Fed, and insists on giving a negative review of a megabank, she can find herself fired, as New York Fed bank examiner and attorney Carmen Segarra found when she went up against Goldman Sachs. Segarra provides a fascinating look inside the New York Fed in her book, Noncompliant: A Lone Whistleblower Exposes the Giants of Wall Street. (For mind-numbing other conflicts at the New York Fed, see our report here.)

As we’ve been reporting this past week, there’s been a complete mainstream media news blackout on the names of the banks that were feeding at the Fed’s repo loan trough. The New York Fed released the names of the banks and the amounts they borrowed for the last quarter of 2019 a week ago Thursday, and yet all those Fed watchers at Bloomberg News, the Wall Street Journal, the New York Times, Financial Times, CNBC, MarketWatch, and Reuters just can’t seem to bring themselves to publish even 100 words on the subject.

Banks were borrowing huge sums over short spans of time from the Fed’s emergency repo facility. As we previously reported, from November 12 through November 25, 2019 – a span of just 14 days – J.P. Morgan Securities, the trading unit of the megabank JPMorgan Chase, pancaked term repo loans ranging from 14-days to 42-days, together with one overnight loan, to amass a total of $30 billion outstanding at one time. (You can download the data from the New York Fed at this link, as well as the data it previously released for the last 14 days of September 2019 in its Q3 2019 release.)


Bill Holter’s Commentary

How many more “conspiracy theories” need to bite the dust of actual truth until people wake up and realize it is and has been ALL BULLSHIT?

It Turns Out that, If You Doubted COVID’s Deadliness, You Were Correct
January 11, 2022
Something peculiar has become clear over the last two years: leftists seem to enjoy the COVID panic. For them, it started with the camaraderie of lockdowns and morphed in the smug self-righteousness of the masks and vaccinations, all made shiveringly delicious with that soupçon of fear that pairs well with totalitarian mandates. CDC director Dr. Rochelle Walensky’s appearance on Monday’s Good Morning America, however, may destroy that delightful emotional castle in which leftists have immured themselves. It turns out that most vaccinated people no longer need fear imminent death.

It’s been very weird for those of us who have maintained some degree of objectivity about the whole COVID uproar to see leftists maintain their high degree of terror about COVID despite their being vaccinated and boosted. JP Sears perfectly captures the illogical combination of fear and the lust for power that has seen the leftists ramp up their paranoia even as omicron proves to be innocuous and they’re madly injecting mRNA treatments into their bodies:


Posted by & filed under In The News.

Bill Holter’s Commentary

If we might suggest, this should be printed out and be part of your bathroom reading!

The Eight Degrees Of Ignorance And Stupidity

January 8, 2022

By Darren Smith, Weekend Contributor

Our host on numerous occasions makes a strong case in labeling today’s zeitgeist as “The Age of Rage”. It would certainly seem to be so if one focuses on what stereotypically comes out of the news media and political figures we lend our ears to. Yet I would go a step further and suggest the root cause of some of this rage is composed of two elements: power-lust and simple human stupidity.

I believe many people fail to recognize how intertwined is the lust for power and the enabling forces of stupidity. Stupidity can be manipulated to achieve that power. It is said that money is the blood of the powerful. Yet, why spend money when too many can be so easily controlled or recruited for free simply by instead appealing to ignorant or stupid individuals.

Both sadly and obviously however, ignorance and stupidity is not limited to the news or politics, it is manifest in human society generally. The trick is to recognize and extricate it from our lives whenever possible. So in a mostly cynical and possibly comical study of the problem, I propose there are levels and flavors of both ignorance and stupidity and to apply such a study is a first step toward minimizing its damaging potential.


Bill Holter’s Commentary

Think this one through. If truckers cannot cross the borders, real life will be quite different and the financial system will suffer a fatal heart attack! Who knows, if SCOTUS caves in, Canadians won’t be able to come south if they’re unvaxxed either?

We Have Less Than Two Weeks to Finalize Preparation
January 7, 2022

I do not know how better to emphasize the points other than to be direct and brutally honest.  Sometimes you just have to call the baby ugly.  The window to prepare for the incoming crisis of our lifetime is now down to two weeks.  Hopefully, that is specific enough.

As we have discussed on these pages, the interventionist policies and regulations from the people creating the COVID response (writ large) have been fubar from the beginning. {Go Deep} When they shut down the restaurants and hospitality sector (2020 lockdowns), the advisors and bureaucrats triggered a cascading series of events inside the food supply chain {Go Deep}.

Every policy implementation since then has made matters worse {Go Deep}

Adding to the supply chain and inflation crisis, in about a week the vaccine mandate and subsequent commercial passport means 30,000 cross border truckers are about to get shut down from operating between the United States and Canada.


Posted by & filed under In The News.

Bill Holter’s Commentary

Alisdair MacLeod describes inflate or die with the “pin” of higher interest rates hovering right next to the enormous pile of debt which must be serviced. It’s only a matter of time!

Money Supply And Rising Interest Rates
January 06, 2022

The establishment, including the state, central banks and most investors are thoroughly Keynesian, the latter category having profited greatly in recent decades from their slavish following of the common meme.

That is about to change. The world of continual Keynesian stimulus is coming to its inevitable end with prices rising beyond the authorities’ control. Being blinded by neo-Keynesian beliefs, no one is prepared for it.

This article explains why interest rates are set to rise substantially in this new year. It draws on evidence from the inflation crisis of the 1970s, points out the similarities and the fact that currency debasement today is far greater and more global than fifty years ago. In the UK, half the current rate of monetary inflation for half the time — just for one year — led to gilt coupons of over 15%. And today we have Fed watchers who can only envisage a Fed funds rate climbing to 2% at most…

A key factor will be the discrediting of this Keynesian hopium, likely to be replaced by a belated conversion to the monetarism that propelled Milton Friedman into the public eye when the same thing happened in the mid-seventies. The realisation that inflation is always and everywhere a monetary phenomenon will come too late for policy makers to stop it.


Bill Holter’s Commentary

Inflation of the things we need and deflation of the things we already have?

This Time It’s Different

January 7, 2022

They should have known better.  Fed Chair Jay Powell and Treasury Secretary Janet Yellen, that is.

They spent the better part of 2021 saying consumer price inflation was ‘transitory.’  The two of them are most responsible for this inflation mess.  How could they have been so wrong?

Now the scourge of raging consumer price inflation is here to stay.  This, no doubt, will be a persistent theme in 2022.  Moreover, the Fed’s efforts to tame and control it will be a magnificent source of folly.

To begin, central planners, including central bankers, believe they’re masters of the universe.  That they possess the tools to, in Omar Khayyam’s words, “remould it nearer to the heart’s desire.”

The reality is central bankers are always reacting.  And much of what they do is merely an attempt to cleanup messes of their own making.

Ben Bernanke, then Fed Chair, first commenced the great quantitative easing (QE) experiment in late November 2008.  At the time, the Fed’s balance sheet was approximately $800 billion.  Now, just over 13 years later, the Fed’s balance sheet is over $8.7 trillion – more than 10 times higher.


Bill Holter’s Commentary

How many “simulations” in the past have become real? You can be sure all sorts of criminal activity will be erased (as well as many digital assets) should a scenario like this come to pass. What better way to hide the crimes than burning down the restaurant? As we have said before, when the lights go out, “you will have what you have…and that’s all you will have”!

International Finance Leaders Hold ‘War Game’ Exercise Simulating Global Financial Collapse. Should We Be Worried?
January 7, 2021

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High-level international banking officials and organizations last month gathered in Israel for a global “war game” exercise simulating the collapse of the global financial system.

The tabletop exercise was reminiscent of “Event 201” — the pandemic simulation exercise that took place in October 2019, shortly before COVID-19 entered the global scene.

The “Collective Strength” initiative was held for 10 days, beginning Dec. 9, 2021, at the Israeli Finance Ministry in Jerusalem. It was relocated to Jerusalem from the Dubai World Expo over concerns about the Omicron variant.

Israel led a 10-country contingent that also included treasury officials from the U.S., Austria, Germany, Italy, the Netherlands, Switzerland, Thailand and the United Arab Emirates.

Representatives from supranational organizations, such as the International Monetary Fund (IMF), World Bank and Bank of International Settlements (BIS), also participated.

Described as a simulated “war game,” the exercise sought to model the response to various hypothetical large-scale cyberattacks on the global financial system, including the leaking of sensitive financial data on the “Dark Web,” hacks targeting the global foreign exchange system, and subsequent bank runs and market chaos fueled by “fake news.”


Posted by & filed under In The News.

Bill Holter’s Commentary

If this turns out to be true, one thing is sure …”confidence” will have been broken. And when I say confidence, I mean confidence in EVERYTHING. If you understand only one concept of how our entire world turns, this is it. Everything runs on confidence, from finance, banking, trust in elections, trust in medicine/pharmaceutical concerns, integrity of schools, government promises regarding self-safety, retirement promises, and yes even to the value of the dollar itself…or lack of! As we said on our latest weekly call, EVERYTHING IS BULLSHIT and it has become nearly impossible to ferret out truth versus deceit. Wouldn’t it be funny if it were just plain vanilla bean counters (actuaries) who expose the fact that our current deceitful world is more stupid than a 20 year old comedy titled “Idiocracy”?

What If The Largest Experiment On Human Beings In History Is A Failure?
January 4, 2022
Authored by Dr. Robert Malone via Substack,
A seasoned stock analyst colleague texted me a link today, and when I clicked it open, I could hardly believe what I was reading. What a headline. “Indiana life insurance CEO says deaths are up 40% among people ages 18-64”.
This headline is a nuclear truth bomb masquerading as an insurance agent’s dry manila envelope full of actuarial tables.

People frequently write to Jill and myself. People we have never met. They call, they arrive at the farm by appointment or unannounced, they fill our email in boxes with their inquiries. They all want something; time, attention, an interview. Many want to tell us about their fear, illness, nightmares, or (what often seems like) outright paranoid conspiracies. And then, over time, these fears and “conspiracies” keep getting confirmed. As Jan Jekielek (a senior editor with The Epoch Times) recently said to me, it is getting harder and harder to tell which ones are mere conspiracy theories and which are true reality.

One farm visitor told me of his foreshadowing massive numbers of deaths within three years consequent to the genetic vaccines, and that this was all about the “Great Reset” and the depopulation agenda of the World Economic Forum (WEF). I tried to reassure him that, in my opinion, this was highly unlikely- while privately thinking about how easily people fall into this type of conspiracy ideation, and how I need to be careful to avoid going there when confronting so many public health decisions that appear either incompetent or nefarious. At the time, I only knew of the WEF as the host of a big annual party in Davos Switzerland where the uber rich and the hoi oligoi of the Western nations went to watch Ted talks, drink the best wine, see and be seen. Silly me. What a long, strange trip this has been. I doubt that even Hunter S. Thompson could have imagined it in his most drug and booze addled state. Suffice to say, I nominate Ralph Steadman as official illustrator of the SARS-CoV-2 pandemic. Or a resurrected Hieronymus Bosch.


Posted by & filed under In The News.

Bill Holter’s Commentary

This has some serious long term supply consequences even though it is applauded today…

Oil And Gas Discoveries Plunge To Lowest Level In 75 Years
December 31, 2021

Much to the celebration of environmental “activists” and the chagrin of anyone applying common sense to the argument of why gas prices are so high at the moment, the world of oil and gas discoveries has run bone dry.

Oil and gas firms are currently having their worst year for new fossil fuel discoveries since 1946, a new report from Quartz revealed this week.

The industry is set to discover 4.7 billion barrels of oil this year, marking the worst performance in 75 years.  The ratio of “proven reserves to production” is now at its lowest level since 2011, according to data from research firm Rystad Energy.

Large discoveries have typically account for most of the world’s new reserves, the report notes. 40% of all petroleum discovered has come from just 900 oil and gas fields, Quartz writes, stressing the importance of these new discoveries for the industry. Once discovered, existing wells then begin to deplete. In fact, global oil production declines by about 7% per annum without additional investment in existing fields.