Are We Doomed for Inflation-Adjusted 1980s Prices?

Now that the oil market has seen $75 per barrel and retail gasoline prices are near $3 a gallon, are we doomed to see a repeat of inflation-adjusted 1980s prices?

Crude prices are approaching the true all-time high of close to $40 seen in the early 1980s, which translates to around $90 in today’s dollars.