I 'member back in '98, '99 when a barrel of crude was going below $10. and there were 'experts telling the media that this would go on for years.
No one was holding bake sales for the oil companies.
The present events have been long time coming, and have been expected for a long time.
You can check the web for an article that was published in Scientific American called "The End Of Cheap Oil". One of the best explanations of where we are, I think it was published in '98 if not earlier. I read it through at the time.