Look at this interesting chart:Crude Oil Prices 1861 - 2008It shows the price per barrel of oil in today's dollars from 1861 to 2008.  From the chart it appears that we are now at a price similar to what we experienced during the Civil War.  You'll also notice that prices were relatively stable for about 90 years after 1880.  The 1970s brought the first wave of erratic prices.  The 2000s brought the second wave.What's interesting is that the recent price flux has been attributed at least in part to growth in demand in countries like China and India.  But surely there was world-wide growth in the decades after 1880 and we did not see nearly the same jump in prices.  Furthermore, I can't imagine how growth in demand would lead to a four-fold increase in price.