There's A Way To Bring Down Gas Prices, But You Won't Like It

There's A Way To Bring Down Gas Prices, But You Won't Like It

Joel Mathis, Contributing Writer  Fri, March 11, 2022

A modest suggestion to deal with rising gas prices: Let's bring back the 55-mph speed limit.

Prices were already on the upswing before Vladimir Putin's invasion of Ukraine, thanks largely to a slow ramp-up in oil production following the pandemic-driven collapse in demand. Now the cost is going to go up even more, driven higher by sanctions on Russia's oil and gas industries. We're getting a real-time lesson in the laws of supply and demand.

For the most part, the solutions on offer are supply-driven. The Biden Administration has approached the oil-rich nations of Saudi Arabia and Venezuela — falteringly — about loosening their production spigots. The White House has also ordered that 60 million barrels be released from the Strategic Petroleum Reserve.

Republicans, meanwhile, want the United States to ramp up domestic oil production. It's "drill, baby, drill" all over again, but it's not clear that any of these moves will do much to meaningfully bring down prices.

Meanwhile, nobody in government is really talking about how to use less gasoline.

One quick-and-obvious way we can do that is to make everybody drive slower. We've done it before. Congress passed the national maximum speed limit in 1973, not as a way to save lives in traffic accidents, but to reduce gasoline use during the Arab oil embargo.

The limit lasted 22 years, and during that time the country reduced its consumption by 167,000 barrels a day, and as much as an overall savings of 3 percent of annual fuel consumption. (It also inspired Sammy Hagar's best song.) Yes, it made long car trips interminable — 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.

Of course, the big problem with this proposal is that most Americans will despise it. We love our speed. One 2020 survey suggested that nearly half of us have driven 15 mph over the existing speed limits, which range from 65 mph and up in most states.

To continue reading, please go to the original article here:

https://www.yahoo.com/news/theres-way-bring-down-gas-183643325.html