Oil prices at multi-year lows may be just the beginning, with some analysts forecasting "black gold" may permanently lose its luster.
"We have entered a new era in world oil," Dan Yergin, vice chairman at IHS and Pulitzer Prize winning author of The Prize: the Epic Quest for Oil, Money and Power, told CNBC. "The dominant thing is this growth in U.S. supply," he said, noting production there is up 80 percent since 2008 for an output greater than 11 out of 12 OPEC countries.
"That's happened, combined with what the head of the IMF has called the 'new mediocre' in the world economy. Suddenly, this sense is that things are weaker and then out of the blue, this failed state called Libya, which was producing almost no oil, suddenly puts a million barrels of oil into the market," he added.