Even at $100 oil is the cheapest it's ever been historically. OPEC nations don't measure inflation in terms of U.S. CPI. They use gold as their benchmark. In 19

Even at $100 oil is the cheapest it's ever been historically. OPEC nations don't measure inflation in terms of U.S. CPI. They use gold as their benchmark. In 1969 a barrel of oil was worth $400 in today's money. What's incredible is even with the recent price rally, you can still buy oil at $71/barrel if you're willing to wait a few years to get your oil, due to the extreme backwardation of oil futures. That's an 82% discount over the historical norm. Also in real terms oil was worth about $500/barrel in the 2000s.