So much for the United States’ role as oil’s swing producer.

Just two years ago, pundits and analysts proclaimed that shale production would allow the United States to replace Saudi Arabia as the world’s “swing producer,” boosting or slowing production in response to world demand.

But domestic producers and oilfield service companies now say the downturn, which wiped out more than 100,000 industry jobs, has left them unable to quickly respond to a more stable market.

Companies’ finances are in tatters, and they’ve laid off too many workers and have mothballed too much equipment for a speedy ramp up in production, according to The Wall Street Journal.