As opposed to that time when the global markets collapsed, and I listened to it, in real time, on NPR? It was called 2008. Been there, done that, literally have the T-shirt (I'm sure I did a 5K somewhere that has 2008 on it).
What I remember about things preceding that, was wild optimism about the housing market specifically, and the rest of the economy generally. Also found out the hard way about shitty market timing, as we bought a house in Phoenix in July 2008, thinking it was probably "near the bottom". It had dropped nearly 50% of the top, after all. Whoops.
My thought is, oil being cheap is a symptom, not the cause. The world economy is weak right now. At some point, the cheapness of oil will likely lead to economic growth, since oil is the crude commodity used to make most of the items and services companies sell.