Record Oil Price? Maybe Not...

Here's the lead in most reports today concerning the price of oil:

Crude oil set an all-time high Tuesday as worries over supply persisted in Iran and Nigeria.
Light sweet crude for May delivery, which expires on Thursday, traded as high as $70.88 per barrel on the New York Mercantile Exchange, surpassing the previous record of $70.85 set last summer after hurricanes devastated the Gulf Coast.

Here's the reality:

Though a record in absolute terms, the price is still well shy of a record, if adjusted for inflation. The peak price would have been set during the Iranian revolution in March 1981, when a barrel of oil would have cost about $90 in today's dollars.

Source: CNNMoney.com