Chart of the Day here provides the graphic and this description:
The price for a barrel of crude oil has just surged above the $75 level. While oil is currently at 24-year highs, it is still significantly below the inflation-adjusted highs of 1980. It is also interesting to note that most oil price spikes were a result of Middle East crises and often preceded or coincided with a US recession.Let's see 1980, wasn't Jimmy Carter president then?
UPDATE: And, yes, Mr. Clinton was president during some of the lower price periods.