cbsnews.com…”Editorial: Cap U.S. Speed Limit at 55 MPH To Save Gas” The Daily Iowan, July 7, 2008. In 1974, in response to an oil shortage caused by the Arab oil embargo, Congress set the national speed limit at 55 mph….It saved gas, money and lives….” I was 25 years old in 1974. I remember it well. I know in today’s world, Americans will not join together to solve any problem.