Squealing engine, serpentine belt not moving/spinning

The loss of power steering is due to the pump not running because the belt isn't turning it. Something is locked up causing the squealing and burning belt. The most likely suspects are the generator and the AC compressor. If it's the compressor, the problem will stop if the heater system is not turned to AC or defrost. You'll need to loosen or remove the belt, then see which pulley can't be turned by hand.

No. The belt and all the things it runs have no idea how much oil is in the engine.

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Loosen the belt, then try to spin each pulley by hand. One should be locked up or hard to turn. A less-common cause of this problem is when the drive pulley is cast as part of the outer ring on the vibration damper. Those are usually two pieces glued together with a thin layer of rubber. If that rubber breaks free, the outer ring can slip on the center hub. That will cause smoke and squealing.