> the same thing happened with oil but for different reasons, there was a massive glut and the prices went negative since demand was cut so dramtically, so huge amounts of wells were shut down.

as for the oil: you're talking about all the frackers who were running barely profitable operations that got shutdown. The only reason they existed was because of elevated oil prices. Also some refineries shutdown *hard* and never came back. That was a really big problem that to my knowledge has still not been resolved.


(some wood mills shutdown for good as well)