These new standards could obviously coexist with other standards and broader conventions for international transactions. In fact, over the last few months the European Central Bank (ECB) has been examining whether this co-existence could affect the integration of money markets.
Oil prices are at record levels when measured in nominal terms, but when adjusted for inflation the price of oil still remains well below its historical peak, reached in 1981. Measured in today’s dollars, crude oil prices in 1981 were about $ per barrel, and the price of gasoline at the pump was nearly $ per gallon.