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But by the 1973 Yom Kippur war, the Arab oil embargo had a greater effect, owing to America’s growing demand for imported oil. The embargo drove up prices and unleashed a period of inflation and stagnation worldwide. It also demonstrated that oil is a fungible commodity. Even though the embargo was aimed at the US and the Netherlands, market forces shifted oil among consumers, and in the long term all consuming countries suffered shortages of supply and the same price shock. Oil embargos turned out to be a blunt instrument that hurt many besides the targeted countries.

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Yes, I think your definition is about right-- though it is speaking only of the supply, not the demand, which overall became higher ('all consuming countries suffered shortages').
Comments  
Thank you for your explanation, Mister Micawber.