I remember the shortages and waited in line plenty of times.
More to do with Nixon getting the US off the gold standard for controlling the value of the dollar. Dollar lost value and price of imported crude went up. Nixon imposed price cap on gasoline and the "shortage" began. All the while tankers were lined up to unload once the price was able to float.
The attempt of OPEC to sanction the US and prevent selling to the US was a farce. Just political drama.
I think most people were frustrated but took it in stride as the memory of rationing basic foods, metals and fuels was still a memory from WW2.
Not going to happen exactly like that again. US has not seen such a crisis since and I don't see it happening again except for large scale war.