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COVID-19 pandemic impact on US oil production (2020)

The COVID-19 pandemic triggered a historic collapse in global oil demand in early 2020, forcing US crude production off its peak and driving prices to record lows. The pandemic's demand shock produced structural changes that outlasted the immediate price rout.

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Jan 7, 2026

How did the COVID-19 pandemic and the 2020 oil demand collapse impact US oil production trends under Trump?

The COVID-19 pandemic triggered a historic collapse in global oil demand in early 2020 that forced U.S. crude production off its peak, drove prices to record lows (even briefly negative for some contr...