AdvertisementWhen energy prices rise sharply, the impact spreads everywhere. But a deeper question remains, one that sits at the heart of the inflation debate:AdvertisementIf oil prices caused the inflation of the 1970s, why did inflation continue for years after the initial shock? AdvertisementA sudden increase in oil prices can explain why gasoline becomes more expensive. The 2008 financial crisis provided another example of how complicated the relationship between money and inflation can be. It forced economists to confront the reality that increasing the money supply does not automatically produce inflation.