Brent’s current front-month price of $116 per barrel is still well-below its inflation-adjusted peak of more than $190 in July 2008.
U.S. gasoline prices at the pump average $4.20 per gallon but that is still far below the real peak of $6.13 per gallon in 2008 once changes in the hourly wages of typical workers are taken into account.
But the market is now in the tightest condition for decades and it would take only one more supply interruption or unexpectedly strong demand to send prices surging higher.
https://www.reuters.com/markets/europe/oil-market-caught-biggest-shock-since-1970s-kemp-2022-03-10/