The one thing about oil and the oil business, is that very few consumers really understand it. That became abundantly clear in the last election. Supply and demand remain the controlling factors long-term. No question trading and speculation can wreak havoc, but not long term.
Drilling is very expensive, as is exploration. Technologies have been developed that aid in the discovery of oil in places that previously were off limits due to costs. But too much supply makes the price go down. If it stays low, it can have a negative impact on the business. Refiners know this, and have had a very difficult time breaking even.
For many, many years, the top suppliers of foreign oil imported into the US have been Canada and Mexico. Both countries were hurt badly when oil dropped precipitously. The areas of the US where oil is taken also were hard hit. Cheap oil is not a win-win proposition. If you drill for oil that costs $40 a bbl, and you can import oil that costs them $3 a bbl, you're considered stupid. That's been a fact of life forever.
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