Economists ended 2014 with expectations that the rout in the oil markets was pretty much over. When asked by The Wall Street Journal in early December where oil would trade on Dec. 31, 2014, the average forecast was $64.73 a barrel (up from just under $61 on Dec. 10). Instead, petroleum prices ended the year dropping to about $53 a barrel, and have continued to swoon in the very early days of 2015. Light, sweet oil for February delivery traded briefly below $50 a barrel on Monday , the first time that has happened since April 2009. The price erosion is an example of Economics 101: too much supply and not enough demand are moving prices lower and lower. What’s worsening the situation, however, is that instead of cutting back production when prices decline, energy producers such as Russia and Iraq are pumping the most crude in […]