Having seen numerous fluctuations in the energy markets over the years, many analysts and policymakers have a natural tendency to "look through" the latest drop in oil prices — that is, to treat the impact as transient rather than as signaling long-term changes.

I suspect that view would be a mistake this time around. The world is experiencing much more than a temporary dip in oil prices.

Because of a change in the supply model, this is a fundamental shift that will likely have long-lasting effects.