The US oil industry will not be allowed to fail. Period. And thats a good thing. Part of the motivation behind the current price war is specifically aimed at making US companies fail. Likely some will.
The worst case scenario would be some kind of bailout the exact details of which I would not dare to speculate. But oil is not just a consumer based industry like Coca-Cola. Its a strategic, military asset. And it will be protected - even if some kind of Socialist intervention is warranted. Republican response to such an act will depend on the party of the president who enacts it. See the auto and farm bailout for examples.