This chapter is anchored by a close reading of the Larry Fessenden’s The Last Winter (2006), an ecological horror film situated within a long tradition of frozen and ice-bound horror. Reading across ecological and economic registers of the permafrost, my organising claim is that the horror of this film is to be found in delay, and this is registered through spectral hauntings, gory violence, and volatile atmospheres. Delay denotes a desire to remain in one world and shore that world up against the feeling of change. Delay is a historical feeling, and one that should horrify us, but rarely does, as it generates neither dramatic historical scene nor the expectation that change is possible or desirable. In reading for a horror of delay, I aim to apprehend how the contemporary oil economy grounds delay as a social problem, as a fantasy of suspension operative in normal life.