THE GEOGRAPHY OF TRANSPORT SYSTEMS
Source: BP Statistical Review of World Energy.
Nominal and Real Oil Price, 1870-2008 (Dollars per Barrel)
When taking account of inflation (monetary debasement) the surge in oil prices after 2003 is not as acute in real terms than it was in 198-0. The second oil shock implied a surge in real oil prices that was not surpassed until 2008.