Rocketman, a quick Google search for “historical oil prices” will help you get some info on oil price history. One of the top results of that search is this site:

http://www.wtrg.com/prices.htm

Here you will find that oil prices were over $60/barrel in 1981 and dropped to less than $20/barrel in 1998. Back during the oil embargo of the 70s, and shortly thereafter, pundits said that oil would never drop again.