This is not complex. Oil, gasoline, jet fuel, etc. is either used or stored. Over the last year, we have used far less of all, especially jet fuel. Some airports have seen a 98% reduction in air flights. There is a limited amount of storage capacity. You cannot just dump it out in a field, and go back and grab it when you need it.
We are just about at 100% of capacity. You are talking about us running out of fuel, when the reality is we are running out of places to put the excess fuel.
This is the time the President has an essential part to play. Oil companies are not allowed to coordinate, because that would be anti-market activity, but they are allowed to coordinate with the White House. trump told all the oil companies that they could produce at full throttle, and that the other oil companies would reduce production. That caused too much oil to be shipped, without anywhere to put it. The penalties on not offloading the oil caused oil and oil futures prices to go negative. For a while there, you would be paid money to take oil.
This is one of the biggest market malfunctions ever. It is bizarre enough that it will be remembered for thousands of years.
That is a real problem, because the American oil industry is very capital intensive. Investors do not want to invest in such a iffy industry.