The oil crash of 2020: Consequences and opportunities of lower oil prices amid a global pandemic Oil as an economic resource has been central to the advancement of civil societies since the earliest of days. It has been a key element in various nations' progress towards industrialisation. Its importance within these processes has made it one, if not, the most politicised resources of modern times. Rightly so, one cannot imagine a society without its presence, from providing heat to places of shelter, advancing transport sectors and supplying the energy needed to facilitate economic activity, oil has undoubtedly become the world's most important energy source. Nonetheless, despite its noteworthy significance, the start of 2020 saw arguably the biggest fall in prices the commodity has ever experienced. For the first quarter of the year, prices on American West Texas Intermediate (WTI) Crude recorded a 66.5 percent drop whilst Brent Crude accounted for a 65.6 percent decline, the largest for both on record. In line with these occurrences various parts across the globe had to deal with the emergence of a global pandemic seeing economic activity decline dramatically. Governments had to respond swiftly and as primary strategy enforced harsh lockdowns, withholding various consequences for energy sectors and producers alike. Based on the aforementioned, you have been tasked as an advisor to the Ministerial Advisory Council on Energy for the South African government and asked to provide an essay / report on the oil price crash which occurred during the year and its implications for the local economy. Government has asked that you focus on the following aspects in your essay/report: Importance of oil as an economic resource in the production process for the global economy; Major contributing factors to the oil price crash experienced during 2020 explained; Major consequences for oil producing countries across the globe and their response to the price crash. How did these countries respond and what risks do the fall in oil prices withhold for these economies? For South Africa in particular, what does the fall in oil prices entail? Does it provide any opportunities to support the ailing economy or does it, much like the performance of big producers like SASOL industries during 2020, withhold serious challenges. Explain. Finally, as a net importer of oil, provide a few recommendations on how SA can benefit most from the current oil crash, specifically focusing on the post-pandemic period. Should we continue with our current oil-based production practices or should economic activity be structured more toward alternative energy sources.