I am surprised no one has mentioned it because it's actually very important internationally speaking. Basically what happened was oil demand dropped substantial

I am surprised no one has mentioned it because it's actually very important internationally speaking. Basically what happened was oil demand dropped substantially in China which is one of the biggest and growing consumers of oil. OPEC had an agreement to reduce oil sales and raise prices in response to the sudden decrease in demand. Russia refused to restrict their supply in defiance of OPEC so the Saudis flooded the market with a bunch of super super cheap oil to undercut Russia. That's what led to the negative prices another commenter mentioned. The problem was is that most of the US oil production is shale oil production. Shale oil is more expensive to produce than raw crude, which is why it didn't really take off in the US until gas was moving towards the $4.00 mark in the mid oughts. The problem that caused now is that the cheap oil all over the market, combined with the decrease in demand priced out shale oil producers who shuttered and now that demand is returning the companies helping supply don't exist anymore. As for why it didn't drop lower I was seeing low $2.00 and under in places.