Just how high is the price of oil? The CPI is a rather suspect inflation indicator, so here are oil prices adjusted for the M3 money supply. As M3 has been discontinued, this chart will no longer be updated. I may consider publishing a version of it using M2 or a reconstructed version of M3. Let me know in the discussions what you would like to see. This chart is in pdf format.

Adjusted World Crude Oil Prices