By any measure, oil hits historic high price over $ 104

In 1980, when OPEC used its monopoly power to dramatically cut the supply of oil, oil prices reached an inflation-adjusted high between $ 90 and $ 103.  The wide variation reflects the difficulty in those times of establishing the market price of oil and the difficulty in choosing a way to adjust for inflation.  But now we don't need to worry about those details: oil prices are hitting historic levels.  Dow Jones Marketwatch