In the wake of the Covid-19 pandemic, the demand for oil has been at an all-time low. However, the oil producers continued to extract oil with the expectation that the demand will increase again at the end of the pandemic. 

Oil Pumping
Source: Bloomberg

Consequently, an increased supply led to the price of crude oil dropping to an all-time low of -$40.32 for a barrel. 

The situation may change once the pandemic ends, but for Twitterati, this meant just one thing - memes:

Oil, oil everywhere, not a drop needed.