Sophistry. He softens the embargo, focuses on the reaction to it. Without the reaction the effect would be the same.
Indeed, oil prices were regulated postWWII until about 1970.
I remember Frank Reynolds on ABC's World News Tonight saying, "President Reagan guaranteed that gas prices will rise by ending the price controls put into effect during the Carter Administration." The prices dropped right after that by a significant amount. Never heard about a correction on that one.