In time, these producers will begin to burn more and more cash, and will eventually - some of them - shut down completely. Bargain basement oil prices will allow airlines and other doomed enterprises to snap up contracts (those who can afford them, and those who have good collatoral). Demand will ramp up, leading to shortages as supply struggles to come online.
During this period, we will see a convulsion worse than we saw in 2008. While suburbia are trying to recoup from 2008's stormy weather, 2009 will catch us napping, as though 2008 never happened.
I would hate to say 'I told you so' when the time comes. I expect so: our complacency so far has been exceptional.
It would be interesting to know when this new cycle will start.