The real price of crude was higher during the late 70's/early 80's. During a crap economy. Plus we had shortages and rationing, which we don't have now. And production is higher now than it was then, plus we are in the process of reversing US production rates as Oilfinder2 has pointed out previously. Over at TOD some of the industry guys are making cash hand over fist. I recommend finding a job in the oil patch, allowing regular people to then laugh at those who think retail jobs are worth spit.
No, the real price was equivalent to $100 bbl in the OPEC oil crisis, which triggered hyperinflation and led to the economic decline.
SE Asia was mostly jungle, the middle east was very sparsely populated, half of Europe was locked behind the Iron Curtain, and China was still recovering from the Cultural Revolution.
USA was almost self sufficient in oil, and is now the biggest importer. The UK was one of the world's biggest oil exporters.