Using aggregate demand and aggregate supply analysis, explain why increases in oil did not lead to stagflation in 2006-2008 but did lead to stagflation in the 1970s and early 1980s

In the 1970s the increases in oil prices caused a decrease in aggregate supply which led to both higher prices and reduced output which is the very definition of stagflation. In contrast, the increased energy costs in the mid-2000 . did not shift aggregate supply inward ? at least not to the same degree. The reason is that the U.S. economy and other economies were no longer as dependent on energy with the energy content of U.S. GDP declining by 50%. In addition, sound economic policies and various structural changes made the economy less volatile since the 1980s which resulted in less severe movements in aggregate supply.