I recently read an article that mentioned the time we lived in as “the age of disruption”. Originally the article points this to innovation and a new phase of globalization linked together by blockchain, but as I was reading the article, I came to think that we are living in a time of Disruption – not by innovation but by survival. Looking back over the past few months, we had two major events: The Coronavirus, and March 2020 oil price war. Both are severe and crippling in their own right but as we look at these two events we realize we choose priority of one event over another.

The disruptions of the Coronavirus stem, among many reasons, from the tug-of-war between keeping safe vs. personal freedom while amidst a phenomenon that adapts and mutates beyond what we thought capable, and beyond what we were initally prepared to handle. What this virus also done was to bring down the infrastructure supporting our society and reveal, in full exposure, the underlying sentiments – skepticisms, blind obedience, resentment, differences and the unfairness rooted within. In addition, there are so many questions that remained unanswered, such as the origin of the virus, how did it spead so far and wide, the vaccine required, if and whether it can ever be brought to a manageable level akin to a common cold or a flu. That these questions continue to be unsolved are a constant source of contention

Besides the virus, another major event that occurred recently was the oil price crash triggered by a price war between Russia and Saudi Arabia in March. Let’s look at the effects: crude oil prices tanked, triggering a backlash across stock markets worldwide, leading to a downturn of 25-30% in global stocks. Subsequently, The event was closely monitored in financial news but in mainstream news, coverage did not sustain itself for long.

Normally such a drastic change in the price of a main commodity and resource would have seen non stop coverage of the event, so why did the virus continue to be prime story whereas oil price seemed like a side dish? No doubt  the virus was an accelerant of the crash owing to the resultant  diminished demand, which is quite true. Yet crude oil is a main commodity, not only because of its prices but also of the many uses of oil and related products, which makes it an indicator of the vibrancy of the global market and financial well-being. Only with strong financial resources can governments initiate the policies and fund the necessary medical programs to resolve the virus, so shouldn’t it worth more attention?

Looking at this, we can clearly see where our focus lay. The Coronavirus disrupted almost every aspect of our lives, and we all look forward to the day the situation is contained. In a way, the oil crash, with the diminished demand, is our indication that oil products, or others such as luxury goods, are not the urgent items. It is food, masks and medical supplies that are most important right now.  In a way, oil is indicative of how the world was run, and the virus gave a chance of creative destruction and maybe something good can come out of all this: The disruption brought about by the virus may give us the opportunity to re-evaluate and re-new  the various levels of interactions in society in a positive way: between people, between races, between cultures. Only time will tell if we have it in ourselves to create something positive out of all this.