Good question. While some pundits may talk about deflation, the...

Good question. While some pundits may talk about deflation, the U.S FED (and every other central bank) have professed that deflation is the true danger, hence why the BOJ and ECB are printing as we speak.

So I think the current situation is more a short term price war, between the Saudi's/Russia and the U.S.

As always, the repercussions of doing this will affect things in ways none of the participants realise. Always happens. What those repercussions are, only time will tell.