"In other words, Oil would have to average $97.50 for the entire month to be as high as the price we saw in December of 1979. But we are 'only' paying about 2/3rds of that amount."Or, you might consult Ronald Bailey:
"In other words, the price of oil would need to double from today's $70 per barrel to have the same impact on the U.S. and world economy that prices had during the 1970s oil crisis. This could happen because neither the oil majors nor state-owned companies invested much in boosting oil production or discovery when oil prices were so low in the 1990s. At the time there was also excess production capacity of 10 million barrels per day. Excess production capacity is down to 1 to 2 million barrels per day, so any disruption can cause a shortfall in supply, and since demand for petroleum is relatively inelastic in the short run, a rapid run up in prices."