Quote Originally Posted by Daytr View Post
When you say historically, you are referring to the last 10-12 years, prior to that these prices would be considered high.
Don't forget inflation when comparing oil prices today with previous years. Have a look at this chart:

http://inflationdata.com/Inflation/I...ices_Chart.asp

So yes, oil was (even inflation adjusted) much cheaper than now before 1973, and it was (with ups and downs) a bit cheaper between 1986 and 2004. All other times oil was (inflation adjusted) much more expensive than it is now.

I think it is fair to say, that oil is currently quite cheap.