Me thinks the chart pretty much says it all on this one. If you price oil in ounces of gold instead of dollars, the price has stayed completely FLAT since 2001 at least.
Maybe Ron Paul Was Right - thedailygreen.com
Oil and everything else have risen in price because the Federal Reserve is over inflating the money supply.
Another graph:
http://www.runtogold.com/Run_To_Gold...008-01-02c.png