Allowing for inflation, prices are about half those during the oil price
shock that followed the 1979 Iranian revolution. Crude averaged $78 a
barrel during 1980 when adjusted for inflation to 2002 prices, according
to oil major BP (BP.L: Quote, Profile, Research) . Crude in money of the
day averaged $35.69 a barrel in 1980, BP said.
"Apparently $40 crude isn't such a big deal after all, because no one
seems to care in terms of consumption," said Katherine Spector, analyst
at JP Morgan in New York.