False.
If the price of oil suddenly increases by a large amount, it is likely that the aggregate supply curve (AS) will shift left, indicating that there is less supply of goods and services available at each price level. This shift in the AS curve would lead to an increase in the overall price level, as there is now less supply available to meet the same level of demand. Price inflexibility, or the inability of prices to adjust quickly to changes in supply and demand, may cause the price level to rise more slowly than it otherwise would, but it is not likely to prevent the price level from rising altogether.