Not only that, but oil will STAY low when the market stabilizes / recovers. This demand destruction is semi-permanent just like 1982. Society's consumer habits have shifted for a good 20 years or more. 70 mpg vehicles already in the pipeline will be pouring out of factories in a year or so, and you will see them keep coming for the foreseeable future as it will take years to amortize the capital required to get them on the road.
Only when consumers forget how bad they took it up the azz from oil will they start driving the price up again.