$94/bbl is only a record if you ignore the inflationary effects of profligate printing of US$ by the US Govt to pay for their wars. Oil was relatively a LOT more expensive that currently in the 70s and again in the 80s. The world didn't end then and it won't now.
The US$ has probably depreciated 30% in the last 5 yrs...the value of the US$ is not backed by anything other than good will/reputation since Nixon delinked it from the Gold standard in the 70s...as the US Federal reserve runs the presses day and night each additional $ in circulation is worth a little less..and hence people, quite reasonably, want more of them for their goods...in this case oil.
That and market manipulation caused by security concerns, whether real or imagined, and a supply/demand equation depressed by quite deliberate closing down of refineries and it becomes obvious what the price would likely be except for the dickheads running the planet.
