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" ... When oil prices rise again, as they must, the U.S. will be in prime position to take advantage. Across the United States there are now several thousand wells that have been drilled, but not yet completed (i.e. fracked) or hooked up to production. In the Bakken region about 1,100 new wells are sitting waiting to be fracked out of 13,000 total in the state. As a result, production out of the Bakken has finalled “rolled over” and is down slightly off its peak at 1.1 million bpd. It’s the same story in the Eagle Ford shale and the Woodford of Oklahoma. This huge fracking backlog or “fracklog” means companies are more or less storing their oil in the fields, waiting for higher prices, or, in the worst case scenario, waiting until they run low on cash and have no choice but to accept $40 a barrel. ... "