[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.

[norraad]

Yes, there never was a shortage.

That can't be stressed enough!

Tankers full of oil laying low in the water stretched over the horizon as far as the eye could see to anyone flying a small plane along the coast.