Yes, it will mean job cuts for some, but the fact is: lower oil prices are helping many people. It will mean many will have to train and find different jobs, but with falling oil prices, new job sources will open up, while some jobs will fail. Lower oil prices are a good thing.
No, oil prices are not falling too low, because when George W. Bush was president, this is what oil prices were. Back then, a gallon of gas cost $2.00 and everyone thought he was a terrible president for it. It is not anyone's fault, this is just the natural flow of the market.
The value of a product such as crude is determined by its demand on a global basis. The price of oil is still falling because the biggest buyer don't currently have the need or ability to pay high prices for it. When the demand goes up so will the market price. Supply vs demand!
The only way a system like America's has any shred of moral decency is if we look at how customers are affected by things.
Also, just because people are laid off in the oil field doesn't mean that lower oil prices won't lead to job opportunities elsewhere (after all, people have more money in their pocket to support more businesses now).
Sadly this is the new norm in the way corporations deal with their workers in the US. The American workers is a disposable thing for the corporation, many are contract or part time workers who's hours are not steady and are laid off immediately if the company hits a period where they are losing money on operations. They assume they can get them back when times are better, which they can often do because of the labor oversupply in this country.