"Unlike 1973, 1979 or 1990, the market today is going through a demand shock, not a political shock."
Now if we get a genuine political shock which seriously curtails supply combined with our current demand shock, then oil could go much higher in inflation adjusted terms than the 1980 peak. Noone seems to want to think about that. Oil at well over US$100.
The other important question is: At what price could oil stay for an extended period of time - years - and not as a result dramatically reduce its demand? That price certainly appears to be at least $50, if not significantly higher, right now.