“As oil prices rose, it seemed like the frackers should have been drowning in cash. But none of them generated excess cash flow, not even when oil was $100 a barrel. In fact, the opposite was true," according to Greenlight Capital. "They responded to higher oil prices with even more aggressive capital spending, financed ever more cheaply by Wall Street," Greenlight said. "The result was that higher oil prices led to even greater cash burn. Last year, with $100 oil, the group burned $20 billion.”