The problem does not seem to be easing up any soon according to Paul Mumford, a fund manager with Cavendish Asset Management whose funds hold shares of oils and mining companies, claiming “You can’t say a good thing about the oil price”

The current commodities rout might be part of a global shift in market dynamics that could put an end to spending spikes even if prices rebound in the future.

According to Bernstein analysts “Oil company spending will remain capped even if oil prices rise” raising the possibility that the current mind-set of spending rise with oil price may have to be fundamentally altered to encourage a new era of frugality.

For miners, the situation is even direr. Glencore Public Limited Company and Anglo American Public Limited Company slashed their dividends after seeing stock prices plunge over cash-flow and debt concerns.

Even the world’s biggest miner, BHP Billiton Limited., is facing the consequences of a deadly mine-dam breach in Brazil last year which could dent the company’s bottom line.