Oil prices are plunging even lower today . WTI crude is down below $50 per barrel for the first time since 2009. That’s already down by more than half since the beginning of 2014, a development almost no one saw coming. It begs the question: What is the lowest possible low for oil right now? One answer — which will terrify countries that are big oil-producers like Russia and Venezuela — is that there’s no insurmountable reason that oil couldn’t sink as low as just $20 a barrel. It’s already been there, after all. Fifty dollar oil is already having an amazing effect: Russia’s ruble has gone through the floor , and that nation is now in an economic crisis because of it, Venezuela is also in a major political and economic crisis , and the tumbling prices are likely to drive the eurozone into deflation soon , if […]