Did the 2008 global recession achieve what the 1973 Oil Embargo could not?

My political history knowledge is probably rather limited, but I'm trying to put together the timeline after the 1973 Oil Embargo. <br><br>The Arab world sought to weaken the West by restricting the flow of oil to the West. <br><br>From my understanding - it only caused inflation and higher prices, which did little to change political leanings or weaken the West as a whole. <br><br>Then, with the advent of fracking in the 21st century, the Arab's lost their strongest bargaining chip in the "price of oil."<br><br>But in 2008 - the entire global financial system was weakened and put into question by the global recession. <br><br>Is this the same type of "regional recession" that the 1973 oil embargo was supposed to cause in the West - only now it's global?<br><br>Or am I just being overly simplistic and cherry picking the outcomes of both events?