Why is oil crashing in a nutshell?

Supply and Demand. We are using way less gas and oil than we have been yet they kept the pumps going like usual. So all the gas stations have full tanks, the local fuel depot is full, the pipelines are full, the storage tanks at the refineries are full, the tanker ships are full. Yet they keep pumping. I hear you can buy gas up in North Dakota for 20 cents a gallon.

Greatly reduced demand. Russia and the Saudis are cutting production. Guess they are hoping for a price hike, as a result.

Russia and OPEC over estimated their ability to fix prices. They got too carried away when they attempted to gain some market share at the expense of higher cost competitors by dumping oil onto the market at a time when demand is down due to the virus.

There is an over-supply and people are not using much right now.

God had to take extreme measures to stop climate change and save Homo Sapiens.