1998 Ford Taurus SE: Burned through positive terminal?

I was driving on a major highway a few weeks ago when my car completely died on me. After some help from some other drivers on the road, we found that the clamp going around the positive terminal on the battery had melted. I took that apart, cleaned the terminal and replaced the clamp. BUT, since that incident, the oil light has come on and will not shut off. I've tried using an oil pump pressure gauge, but it tells me there's no pressure at all (which I find hard to believe). My questions are: What caused the clamp to melt? Should I replace the battery/alternator? Why is the oil light on? How do I fix it OR Is it worth fixing?

Replace the cable to prevent a fire under your hood, Go to Auto zone and also Discount Auto and have both run a code scan, By going to 2 places your problem will be reconfirmed. You might have a bad sensor. Please let us know what happens. You might want to check the voltage output, It shouldn't run higher than 14 volts while running.

Clean/tighten/replace BOTH ends of positive, negative battery cables as necessary. If pressure gauge in place of idiot light sender reads 0, you have bigger problems than melted connections, guy.

Scrap it… Look at retail prices… I scraped my 1997… Head gasket…