re: The oil embargo of the 70s did have consequeces.
It led to increased fuel efficency, the development of alternatives, and ultimatly, the cheap oil of the 80's and 90's.
It obviously wasn't a money maker for the cartel that caused it. (If it did make them money, then they certainly would have continued it).
Such false impediments to the normal rules of supply and demand can only be maintained on a temporary basis. Even when monopolies and cartels seem to have a stranglehold on a given market, there are alternatives that will arise if the supply/demand is manipulated long enough.
Keep in mind that one alternative is just to drive less. Ultimatly it is the consumers who set the market price of any given product.