FACTBOX: Record oil price still below inflation-adjusted high

(Reuters) - U.S. oil surged to a nominal all-time high of $98.62 a barrel on November 7, boosting the annual average price to $68.84.

Adjusted for inflation, that is still below the $101.70 peak hit in April 1980, according to the International Energy Agency, a year after the Iranian revolution.

The following table from the BP Statistical Review picks out key moments in oil market history. It gives average annual dollar-denominated oil prices in money of the day and the equivalent price in 2006 money. Prices are in dollars a barrel.

Year Money of Inflation

the day adjusted

1876 - Russian oil exports start 2.56 48.64

1948 - Rebuilding post World War Two 1.99 16.74

1974 - Arab oil embargo 11.58 47.54

1979 - Iranian revolution 31.61 88.13