Except it wasn't. Inflation was already high and going up by the time the first oil crisis hit. CPI was 5.5% in 1969, 5.8% in 1970, went down to 3.3% by 1972,

Except it wasn't. Inflation was already high and going up by the time the first oil crisis hit. CPI was 5.5% in 1969, 5.8% in 1970, went down to 3.3% by 1972, and was 6.2% in 1973: https://www.minneapolisfed.org/about-us/monetary-policy/inflation-calculator/consumer-price-index-1913- https://www.minneapolisfed.org/about-us/monetary-policy/infl... The first oil crisis didn't hit until October 1973. Look at the month-by-month numbers for 1973: https://www.inflation.eu/en/inflation-rates/united-states/historic-inflation/cpi-inflation-united-states-1973.aspx https://www.inflation.eu/en/inflation-rates/united-states/hi... The biggest jump was 1.81% in August, 2 months before the oil shock. (Note that this is roughly double the monthly numbers we see now.) There was consistent monthly inflation 0.68%+ from January -> June. The real reason for the 1970s inflation was Nixon monetizing the debt incurred by our Vietnam hangover, but in true Nixonian fashion, he found an external event to blame it on.