We still had cheap diesel.
We had such cheap oil, that investing in oil production will be second guessed for the rest of our lives. We had negative priced oil. Oil producers had to pay money to get rid of oil. This means no one wants to invest in oil production, and prices will be higher forever.
Not to mention it was economic destruction that caused that cheap diesel. Are you giving trump full credit for that economic destruction. He gets full credit for the last push to get oil negative, but what part of the down low does he get?
Trump wanted to fill the Strategic Oil Reserve to the brim for $24 a barrel.
Oil companies put into the Oil Reserve as a replacement for paying oil extraction fees, so tend to do it when oil prices are low. That is why it was at record highs when trump let oil go negative. It was literally close to the brim. And there were literal points that the oil companies were paying the US Government to take the oil off their hands.
Put another way, the technical capacity of the Oil Reserve is 714 million barrels, but if we were to fill it that high, there would be all sorts of problems. We got it up to 656 million, and started running into problems. While trump was talking about buying more oil to try to make up for his oil pricing mistake, the actual engineers on the ground were trying to get rid of oil.
And now Biden is begging the Saudis oil to fill it
Strategic Oil Reserve oil never comes from foreign producers. No one is even talking to the Saudis about filling it. It just is not happening.
Well someone is a moron. Someone allowed oil prices to go negative, and then wanted to overfill the Strategic Oil Reserve trying to buy up the excess oil. They really put the oil industry into a bad place, but the oil industry has rebuilt since that someone was voted out of office.