Previous experience shows that this adjustment takes many months. On top of all that the actual fallout from the industry could be much worse than anyone now imagines. We have massive oil oversupply jamming the whole system and uptake is not able to expand. That means closures of major production facilities.
There is also nothing to stop prices to sink much lower and stay there until all above ground inventory is worked off. How about $12.00 oil folks. Then when it is worked of our first deliveries of fuelless cars will kick in to top it off.