Yes, the oil market is volatile but self-corrects beautifully.
We hit $35 a barrel in 2009, when shale production was much more expensive than it is today.
Also, no one has mentioned what always happens when energy gets cheap.
People start using a hell of lot more of it, leading to guess what.
Recommended reading for a comprehensive history of the business.
http://en.wikipedia.org/wiki/The_Prize:_The_Epic_Quest_for_Oil,_Money,_and_Power
Let’s not also forget the incredible innovation America’s free market economy is capable of producing. As new technologies come online, so will new wells.