Ann: Alaska Winter Field Season Update, page-33

It won't destroy shale. Shale capex will be shut off temproarily, as will oil investment generally. Production decline will bring supply into balance over 12-18 months, and prices will have to rise to c. $50 for reinvestment to re-start. Every time this happens in oil, the deeper and longer the crash, the higher and longer the rebound. Because of the reinvestment delay, prices will fly up over $50 to $60-80, as which point the investment play is complete and you sell. Easy money, if you are patient.