How would this play out?
I mean, the Oil Crisis was a bluff because Mohammed Pahlavi would never agree to this kind of antagonism of the United States.
Don't forget that the Sunni-Shia split has paid large dividends in keeping Iran as a friendly government to the United States. One wonders what would have happened if the Fundamentalist Coup against Pahlavi was somehow successful. Suffice to say, this changes everything--there would be no supporting Pahlavi over Saddam Hussein's Iraq regime, and perhaps there would have been some incentive for frugality in Oil Supplies.
Let's face it, we've only just started considering pushing cars above 20 MPG. If Price made this prohibitive, we'd probably have moved away from Gasoline entirely by this point. Also, don't forget, high oil prices would help the Soviet Union stay afloat. The Soviet Union's Crisis of 1983 was hailed as a triumph of Carter's policies, in that it led to the country pulling out of Eastern Europe and being forced to cut down its armed forces. If Oil remained at these kinds of levels, the Soviet Union might still be alive today, instead of collapsing under Yuri Andropov.