Real Vs Nominal Oil Prices: Chart 1980 To 2016

From The Wall Street Journal, "Oil Wipeout: Why Prices Aren’t as Cheap as They Look: Drawing conclusions from the oil price without considering inflation and exchange rates is the equivalent of flying blind" by Spencer Jakab:

Source: The Wall Street Journal

***Currencies affect marginal demand in major oil-consuming economies as well. In Tokyo, the cost of the fuel portion of the price of gasoline is 61% lower than it was in October 2011 and in Paris or Berlin it has fallen 68%.

But motorists don’t see it that way. Since excise taxes are far higher in major industrialized economies outside the U.S., the fall in pump prices is less dramatic. A British motorist, for example, now pays only about 24% less than in October 2011. U.S. motorists pay 45% less for gasoline than they did in October 2011 including taxes.
***Even just measured in dollars and barrels, past oil crashes require some perspective. Prices cratered during an Organization of the Petroleum Exporting Countries price war 30 years ago but the inflation-adjusted cost of a barrel was twice as high then and the U.S. vehicle fleet was less energy-efficient.