Paul Krugman has a nice chart of oil in Feb. 2008 dollar. We are very close to the historical high. However, with recession mounting (or we're already in it), I don't think the price is sustainable.
Real oil prices in Feb. 2008 dollars: 
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2008
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February
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- An across-board commodity run
- Allan Meltzer on current monetary policy
- Common feature of recent financial crises
- Symptom or disease?
- No Stagflation
- Vicious circle in the economy
- Diverging performance not justified
- Is China's Consumption Fire Burning?
- Feldstein's assessment of current economy
- Is China Unfairly Blamed for Global Inflation?
- $100 oil, again?
- The Great Deleveraging will take a while
- Global Macro, the come-back kid
- Same old credit problem
- CDS market and counterparty risk
- What contributed to the macro problem we have now
- Two different indices, two different stories
- China's real estate seems to be cooling
- How Fed Rate Cuts Are Helping to Fuel A Hong Kong ...
- Hiring Freeze, No Massive Layoffs Yet
- Rogoff is worried, on China
- China's CIC to Invest JC Flowers
- Japan, less trade dependent on US?
- Why Does China's Inflation Rise with the US?NY Tim...
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February
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