What is the best treatment for severely dry skin over-the-counter lotion?

Amlactin. Shea butter can be helpful too. If its not too bad i recommend lubriderm as a regular lotion.
Dry skin. Ingredients that are helpful for dry skin: ceramides help skin hold water, dimethicone and glycerin draw water to the skin, hyaluronic acid helps the skin hold water, lanolin, mineral oil, and petroleum help keep water on the skin. Read the label and get moisturizers with these products such as cerave, restoraderm, cutemol, and aquaphor.