It was 37 years ago today that the Federal government mandated one of the most ignored regulations in U.S. history — the 55 mile-per-hour speed limit.
The purpose of the so-called “double nickel,” we were told, was to save gasoline. The country was in the midst of the “energy crisis” and forcing drivers to slow down would save millions of gallons of gasoline… or so we were promised.
Disobedience to the new rule was almost universal. For many drivers, it became a contest to see how much over the speed limit they could go before law enforcement officials would stop them for speeding. In the wide-open spaces of the West, that number approached three figures.
This “temporary” regulation was finally revoked in 1996. In the 23 years it was the law, scofflaws paid many times more money in speeding tickets to various governments than the combined savings on gasoline.
Chip Wood is the geopolitical editor of PersonalLiberty.com. He is the founder of Soundview Publications, in Atlanta, where he was also the host of an award-winning radio talk show for many years. He was the publisher of several bestselling books, including Crisis Investing by Doug Casey, None Dare Call It Conspiracy by Gary Allen and Larry Abraham and The War on Gold by Anthony Sutton. Chip is well known on the investment conference circuit where he has served as Master of Ceremonies for FreedomFest, The New Orleans Investment Conference, Sovereign Society, and The Atlanta Investment Conference.
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