There's a way to bring down gas prices, but you won't like it

The Week

A speed limit sign. Illustrated | iStock

The 55 mph speed limit should be brought back to deal with rising gas prices.

The price of oil was on the rise before the invasion of Ukraine due to a slow ramp-up in production. The cost is going to go up even more because of the sanctions on Russia. We are getting a lesson in the laws of supply and demand.

Most of the solutions on offer are supply-driven. The Biden Administration has approached the oil-rich nations of Saudi Arabia and Venezuela. 60 million barrels have been ordered to be released from the reserve by the White House. Republicans want the United States to increase domestic oil production. It's all over again, but it's not clear if any of these moves will bring down prices.

Nobody in government is talking about how to use less gasoline.

Making everybody drive slower is one way we can do that. We have done it before. The maximum speed limit was passed by Congress to reduce gasoline use during the Arab oil embargo. The country reduced its fuel consumption by 167,000 barrels a day during the 22 years that the limit was in place. It inspired Sammy Hagar's best song. I say this as a child of the era who spent way too many hours trapped in a crowded backseat with my sisters, but it also saved a lot of gas. We could do it again.

The problem with this proposal is that most Americans will not like it. We like our speed. According to a 2020 survey, nearly half of us have driven 15 mph over the existing speed limits. Even though it saves them money, drivers in a country that produced the Fast and the Furious films won't go down the highway at a moderate speed. The last few years have shown us that we are not very good at making small individual sacrifice for the greater good.

The benefits of a lower speed limit would be obvious. The White House wouldn't have to go toe to toe with monarchies whose rule is propped up by their petroleum reserves if Russia had less leverage over the rest of the world. Reducing the number of traffic deaths would be good for the climate.

It is easier to achieve energy independence if you do not use a lot of energy.

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