[Shermy]

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.

[Alberta's Child]

The effect of the oil embargo was minor, since the embargo did nothing to affect the actual supply of oil to the U.S. (it simply added another "middle-man" to the process).

My guess is that the 1973 oil embargo itself would have resulted in about a 20% increase in oil prices here in the U.S.

[mc6809e]

Sophistry. He softens the embargo, focuses on the reaction to it. Without the reaction the effect would be the same.

Bullcrap.

Domestic suppliers reacted to price controls by producing less oil than they otherwise would have.

That's exactly the sort of thing you want to avoid when other suppliers have pulled back on their production.

Bottom line: price controls are stupid. And only those ignorant of basic economics claim otherwise.