Perhaps we may be able to draw some parallels to the Soviet Union in the 1970s when growth there started to slow as the extrinsic development the USSR had relied on for decades began to show its lack of sustainability.
The Soviets were able to mask their economic internal rot for another decade due to the oil shock skyrocketing the price of oil, which gave the Soviets something to fall back on as their industrial base decayed. It wasn't until 1986 when the oil price collapsed (all the way down to $7 a barrel, imagine that today!) that the USSR had to face the music that their economy was completely dysfunctional.
Even adjusting for inflation that's only abut $15 in today's dollars. So the low $39/bbl for WTI last month is still more than double the equivalent price in 1986.
