Back in 1974, in the aftermath of the OPEC oil embargo, the National Maximum Speed Law was passed by Congress and signed into law by President Richard Nixon. It required all states to enact a maximum speed limit of 55 miles per hour, or else to face a cutoff of federal highway funding. The goal was to reduce US oil consumption. At the time, advertising campaigns to inform the public of the new speed limit said, “It’s not just a good idea, it’s the law.”| conversableeconomist.com
Back in 1974, in the aftermath of the OPEC oil embargo, the National Maximum Speed Law was passed by Congress and signed into law by President Richard Nixon. It required all states to enact a maximum speed limit of 55 miles per hour, or else to face a cutoff of federal highway funding. The goal| Conversable Economist - In Hume’s spirit, I will attempt to serve as an amb...