The cure for low oil prices is low oil prices. But an important twist to that pearl of Houston wisdom is that the real cure is prices way lower than anyone expected. It is when oil drops far below levels budgeted by exploration and production companies that rigs get idled, curbing supply growth and supporting prices. Yet the U.S. oil rig count has fallen by only 8% since early October. On that front, the latest outlook for E&P spending from Evercore ISI offers some hope to a sector with precious little right now. Since 2000, they have tracked the industry’s oil-price expectations. Last year was the first time that the sector overestimated the average oil price, guessing around $90 a barrel versus the outcome of about $76. Usually, the price has come in above expectations. The sector kicked off 2015 expecting oil to average $77.55 a barrel, ISI says. […]