Some people will expand their living standards to match their increased income. Others won't and will simply reap the extra rewards later. Some will know that winter is coming. Others just will know what they need and are not controlled by unconstrained wants.
Whenever the boom inevitable ends the first group is always the group that's in trouble.
In the 2000s in Australia was a massive construction boom. Tradesmen made huge money. Some bought expensive cars and houses and holidays. Post-GFC those days were over. Suddenly living on the big country estate was a problem because the $300/week you were spending on petrol was suddenly an issue.
Bringing this back to oil, on the one hand we have Norway who used their resource riches to create a sovereign wealth fund that last I heard was around $1T. On the other you have Venezuela, Russia and Saudi Arabia, where huge profits were pocketed by oligarchs, monarchs and kleptocrats.
At the same time, they needed the oil revenue to placate their people. Breakeven was once $10/barrel, then $20, then $30, then $50. Higher prices of course encouraged companies to invest in more expensive oil fields where the cost of extraction might well be $60+/barrel.
Saudi Arabia once tried to manipulate the market to wipe out the frackers (as the US became a huge net oil exporter). That was never going to work. They'd simply re-emerge when prices inevitable returned.
But now in a market where demand has fallen off a cliff, Saudi Arabia need to sell oil, pretty much at any price, to survive. A protracted price war does not bode well for either country but that's the predicament they're in.
This is another example of the delusion some people are in regarding this pandemic. When it's under control (or, more likely, run its course killing potentially millions), the world won't suddenly go back to the way it was. Capacity might be there but demand will take a long time to recover. You'll see this through the travel industry (particular cruises) and, with things like this, the oil and gas industry too. There's no containing it either.