In all honesty, while it may be really sh|tty for a lot of people... the cyclic nature is probably one of the reasons the industry perseveres despite naysayers preaching false narrative about peak oil. It acts like a reoccurring sterilization. Some good gets taken out as well, but for the most part it allows companies (At least the fiscally smart ones who can weather the storm) to shed the excess weight and retain its top performers. An industrial survival of the fittest.
Part of the reason why none of us will see it go away in our lifetime.
We finally arrived at the same destination.
It's cycles like these that drive the inefficient out of the market and rewards the best managed and positioned companies with more market share.
Survival of the fittest.
Absolutely vital process in the long run.