What factors can one look at when deciding whether oil prices are fair or not compared to old prices?

Oil Consumption, Oil Discovery, Oil Production, Difference of wagesWhat factors can one look at when deciding whether oil prices are fair or not compared to old prices?
Check out the website listed below. It shows inflation adjusted gas prices (for the US) over the last several decades.





The second link provides inflation adjusted oil prices for the same time periods.





In addition to inflation, one has to take in other variables at play in the crude oil market. The following is a short list:


- OPEC and other cartels that determine production volumes


- Global demand


- Political unrest, war, terrorism, etc. at or near production facilities


- Environmental and climatological issues (ship wrecks, hurricanes, etc.)


- Taxes


- Speculators


- Production regulations (drilling prohibitions, lack of refinery capacity, etc.) that affect supply.


- Distribution Issues (breakdowns in delivery between production and refining areas)





I'm sure there are many others, but these were off the top of my head.