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Alcohol dilates peripheral blood vessels, but has been known to actually. constrict some blood vessels in the brain, lowering the oxygen content. Alcohol dilates peripheral blood vessels, but has been known to actually  constrict some blood vessels in the brain, lowering the oxygen content.
1 Alcohol decreases the activity of the nervous system. 2  The blood carries the alcohol throughout the body. 3  The main route of metabolism of alcohol is its oxidation in the cells of the liver. 4  Alcohol may have both positive and negative effects on the cardiovascular system.