U.S. oil surged to a nominal all-time high of $93.20 a barrel on Monday, boosting the annual average price to $67.99.
Adjusted for inflation, that is still below the $101.70 peak hit in April 1980, according to the International Energy Agency, a year after the Iranian revolution. The average price for that year was $90.46 in today's dollars, still well above this year's average price.
The following table from the BP Statistical Review picks out key moments in oil market history. It gives average annual dollar-denominated oil prices in money of the day and the equivalent price in 2006 money. Prices are in dollars a barrel.
   Year                                                       Money of     Inflation
                                                                      the day      adjusted
   1864 - Pennsylvania oil boom                   $8.06     $104.35
   1876 - Russian oil exports start                 2.56       48.64
   1948 - Rebuilding post World War Two        1.99       16.74
   1974 - Arab oil embargo                         11.58       47.54
   1979 - Iranian revolution                        31.61       88.13
   1980 - Iran-Iraq war starts                     36.83       90.46
   1990 - Iraq's invasion of Kuwait                23.73       36.76
   1998 - Asian economic crisis                   12.72       16.22
   2003 - China 2nd biggest oil consumer      38.27       40.83
   +2007 Year-to-date average                   67.38       67.38
  Â
NOTE:
   1861-1944 - U.S. average
   1945-1983 - Arabian Light posted at Ras Tanura
   1984-present day - Brent dated
   +2007 U.S. crude