Indeed. Yet the price of oil going down at some point is hardly an unforeseeable scenario, right? They're not stupid people. They were led to believe that it would never end, or that basic economic principles didn't apply to them.

Socialism works great until you run out of other people's money. Whether it's because the price of oil dropped, your most productive tax payers moved out, or your currency hyperinflates until it's worthless: somehow it's never socialism's fault. Reality eventually does set in, though.