I'm guessing you weren't alive the last 10 years where there has been lots of "printing money" and record low inflation.
Inflation in the 70s and 80s tracked real oil prices almost exactly, but monetarists used the crisis to take over the fed.
Core CPI was 3.6% in 1973 and 8.3% in 1974.
Somehow we believe:
A) The Fed suddenly started "printing money" at the end of '73
Instead of:
B) The embargo starting in Oct. '73 was what was behind the inflation
But it doesn't stop there. Inflation starts to go down again after peaking at 9.1% in '75.
In '77 it's at 6.3%.
Then at the end of '78 you have a shutdown of Irans oil production. Iranian government is overthrown in '79.
In '79 inflation is at 9.8%.
Inflation peaks in '80 at 12.4%, slowly decreases after that.
So, obviously what happened is the Fed started "printing money" as soon as the first crisis hit, stoped after it was over. Then Volker and the monetarists who were in charge during the 2nd crisis, somehow, inexplicably, secretly started printing money again -- despite it being ideologically anathema to them -- as soon as the 2nd crisis hit. Then stopped "printing money" after the crisis was over.