The economic consequences of oil shocks vary across countries and time. Different reasons for changes in oil prices lead to different impacts on economies. When oil prices rise due to global economic activity, most countries see a temporary increase in GDP. But if the increase is due to oil-specific reasons, most countries experience a temporary decline in GDP. Importing oil and energy leads to a permanent fall in economic activity after a supply shock, while energy exporters may benefit. Inflation effects differ among oil-importing countries, depending on wage increases. Since the mid-1980s, the oil demand curve has become less elastic, affecting comparisons over time. Countries improving their net energy position are less vulnerable to oil shocks.