Any commodities generally won't plunge to dirt cheap one, as if it does, it will kill the supply, eventually, supply become less, price recover.

We don't need rocket science or crystal ball to know oil price will stable at a level and creeping up over the long term.
Just like we won't buy a terrace house with 20K like 70's,
Rm1.00 petrol per litres,
RM0.50 per bowl of hawker mee.

If you are talking about shale oil. Very, very few shale oil companies can actually do that.

Most reports say that for Shale to survive in general, you need USD80 at least. And that's pushing it.
Yes, it's possible to produce oil at that level.
But then, for many oil producing countries, it will hurt their budget severely.

Once the profit margin is not encouraging, it will dent future capital investment towards it, eventually resulting in future supply is contained at existing level.

While in future if there is increase in demand, the supply may not able to catch up, as you need years ahead for capital investment to increase supply, hence price could soar at that point.

Once profit margin is not good, it is a supply destruction factor.

This was what had happened when oil price was below USD20 time during 1998~1999.
When worldwide economy did recover back then, supply has hard time to meet the demand, hence building a strong bull run afterwards for the rest few years time.