Well hold on, how much money did we pump into the economic system to keep it afloat? Do you remember the stimulus checks and the insane loans handed out that were forgiven? Let's not pretend that 20% drop didn't involve governments giving handouts to almost everyone.
That was a demand side shock, where a supply side shock of 20%, hell even 10% is a different beast. From my macroeconomics understanding the economy may need to contract relative to the oil supply that has been cut off. If USA loses 8% of oil, it's economy may contract by just as much which would be a serious issue. Burning oil is not a luxury, it's how everything in modern life exists and this is the inconvenient truth. Without it we don't have heat pumps, EVs or even alternative energy sources.
Oh and please don't think I'm being argumentative. I'm enjoying this dialogue and welcome feedback on my thinking. I do understand where you're coming from and you do have good points. I think China has taken the lead building a sustainable energy society, and I think we should emulate it worldwide. The Chinese government is trying to prevent the present Oil shock to the best of their ability because they know that an economic contraction will hurt them and their future as much as any other country. This means even with all the sustainable energy projects China has, they are still dependent on a world where the oil flows.