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The impact of Energy Costs on the Aggregate Supply

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I would appreciate four are five paragraphs on The impact of Energy Costs on the Aggregate Supply, this is a topic we have been discussing in my macroeconomics class and I am completely lost. If you give me information from other scourges please tell me what they are so I can dig deeper.

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This solution discusses the impact of energy costs on the aggregate supply.

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Practically no other single item has as much effect on the economy as energy. It is incorporated into almost every good, so when its cost rises it affects everyone. We cannot so much as buy a loaf of bread without being reminded of energy costs. The main reason for the sustained economic growth of the US over the last two decades has been readily available cheap oil. Adjusted for inflation the price changed very little until recently. This has been noted as the cause for the current economic slowdown. For more on this see http://www.eia.doe.gov/oiaf/economy/energy_price.html.

From a microeconomic ...

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