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.
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