This article revisits the historical events of stagflation in South Korea, particularly during the oil shocks of the 1970s. The author reflects on the first oil crisis in the early 1970s, when citizens faced long queues at gas stations, often returning empty-handed due to shortages. During this period, the government implemented strict measures, including significant tax increases on gasoline to curb consumption, alongside providing relief for low-income citizens and public transport users. The author elaborates on how these historical policies aimed at combating stagflation were perceived as necessary to combat wasteful consumption at the time. In light of the current geopolitical tensions, particularly involving the U.S., Israel, and Iran, the article discusses the renewed fears of stagflation arising from rising oil prices and potential supply shocks. This scenario could lead to simultaneous economic decline and inflation, a troubling dilemma for governmental economic policies. The author draws parallels between past and present instances, highlighting the difficulty in managing economies amid rising prices and declining growth rates, a situation that was notably witnessed in 1980 when South Korea faced a staggering 28.7% inflation rate and an unprecedented economic contraction. The article ultimately underscores the cyclical nature of economic crises and the looming threat of stagflation due to external factors, echoing sentiments from decades ago while calling for reflection on how such challenges were managed historically. The piece asserts that current policymakers must remain vigilant to avoid repeating past mistakes, as global economic conditions could herald a return to challenging times for South Korea and beyond.