Increases in oil prices have been blamed for causing recessions, high inflation, and slow economic growth since the 1970s. The idea that oil price shocks drive these economic problems has been challenged by researchers. They argue that oil prices are not the main cause of economic fluctuations and that political events do not always influence oil prices. Contrary to popular belief, recent oil price shocks have not led to stagflation in the US. The belief that only oil price shocks caused the US stagflation of the 1970s is also debunked.