What was one major consequence of the 1973 OPEC oil embargo?

The significant job losses and high inflation that occurred as a consequence of the 1973 OPEC oil embargo reflected the substantial economic impact of rising oil prices on the American economy. The embargo, imposed by the Organization of the Petroleum Exporting Countries, led to a dramatic increase in oil prices, which in turn caused a ripple effect throughout various sectors of the economy.

As energy costs surged, businesses faced higher operational expenses, leading many to reduce their workforce to manage costs. This resulted in significant job losses, particularly in industries that were heavily reliant on oil and gas. Additionally, the rising energy prices contributed to overall inflation, as the cost of goods and transportation increased. Consumers faced higher prices across the board, which further exacerbated economic instability during that period, often referred to as "stagflation," where inflation was high while economic growth stagnated.

The other options do not accurately represent the immediate outcomes of the embargo. While there were discussions about energy independence and the reliance on foreign oil, these did not materialize as direct effects at that time. Instead, the immediate aftermath was steeped in economic challenges marked by job loss and inflation.