The recent price "surge" is temporary. It is entirely reasonable to expect that oil prices, in the absence of a major supply incident (terrorism, war, natural diaster...), will not reach above the $50s for a very long time. Though I disagree with some the information this reference presents, here is one sobering view: http://oilprice.com/Energy/Oil-Prices/Can-Big-Oil-Survive-At-Todays-Prices.html
More layoffs seem inevitable but the real question is whether the Big Oil business model will even be tenable. What do you think. Are we too big to fail?