You think this is bad, it's going to get worst. One of the OPEC member nation, Indonesia, have just announced that they will not be able to meet their quota. Less petrol will be entering the market.
This is vastly different then the 1970s. Instead of politics, this time it's the market that is raising the price. Unlike the 70s, we have two emerging powerhouse that is absorbing a lot of petrol. Namely China and India. There is no sign that the growth rate of those two countries will be slowing down. Although China is now trying to lower their growth rate by a percentage point. So, expect even higher petrol prices in the near future.