This is going to be painful, but it's not going to last for several years like it did during the 2008-2010 crisis.
The reason oil prices are bottoming right now is that Saudia Arabia has essentially declared war on Russia, and Russia has reciprocated, over market share. Unfortunately that puts the American shale oil industry right in the firing line.
The Saudis have tried to do this before, with varying degrees of success -- in the early 1990s with Venezuela, in the 2000s with Nigeria, Libya, and the US, and now Russia.
It's going to take about 6 months to shake out, is my guess.