[frogjerk]

1. We are the #1 producer of OIL now - Thanks Trump
plus
2. No one is driving due to lockdown - low demand
plus
3. Saudis and Russia oil price war - low prices
equals
$20 per barrel

[TheBattman]

And the real reason for the Saudi/Russia oil glut = trying to shut down US oil production. They know it costs us more than it costs them to produce a barrel. $20 per barrel is about half what it takes to barely make a profit. Russia and Saudi Arabia are losing money too - but it costs less for them to produce a barrel -

[NorseViking]

“” “” 1. We are the #1 producer of OIL now - Thanks Trump
plus
2. No one is driving due to lockdown - low demand
plus
3. Saudis and Russia oil price war - low prices
equals
$20 per barrel””” “

Let’s say your first point questionable.
Oil currently about 30% less expensive than most of the US producers need to operate existing wells without getting any profit at all.
It is two to three times less expensive than needed to afford development of new wells.