Oil peaked at $108/bbl during Covid, and that's not inflation adjust. You can't tell me that when oil prices doubled in in 2008 and no inflation happened, that oil prices drove inflation now when it went up far less.
Like I said, supply constraints can drive inflation when there is excess money supply. But without excess money supple, the inflation impact of supply constraints is muted because, well, there isn't the money to feed demand - consumption just drops.
