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Oil hit an all-time high today of $80.18. But adjusted for inflation, we still have more to go.

Prices rose from 1979 through 1981 after Iran cut oil exports. The average cost of oil used by U.S. refiners was $37.48 a barrel in March 1981, according to the Energy Department, or $84.73 in today's dollars.

Posted by edelfenbein at September 12, 2007 3:26 PM