Then why has the price of oil changed 4 times as much as the change in dollar value for the past year?
Because inflation is only part of it. Also, that inflation of oil is what CAUSED the runaway inflation of the carter years. The increase in the price of oil has barely dented our inflation but it will soon be Carter style I suspect.
We are indeed living in interesting times, but nowhere NEAR as interesting as they are going to be very soon.