What are we supposed to be learning?

When talking about the learning curve for economic growth.

We learned that on Apr 14, of this year the yield curve was quite steep and bloated, looking like a curve from 2003.  We also learned that oil neared $90 while we had that curve.  So what does George Evans at the U of Oregon expect us to learn with our learning augmented Phillips curve from that experience?

What we learned is simple: Oil gets to an unsustainable price when the curve is as bloated as it was on Apr.  Since then, the curve has deflated quite a bit.

We saw higher oil prices and we are determined to buy less of it.

Underneath we can see that producer inflation increased quite faster than consumer inflation, and  we had a producer contraction.  Producers are still consolidating in the face of the greater oil dependency they have compared to the consumer.

Dr. Evans thinks the economy is suffering from an unrealistic consumer expectation of low gas prices.  But is was the producer who did the contraction since Apr.