If this were the case, then why is the Gov. not reducing the present max speed limits to conserve fuel given the current state of the worlds oil prices?
Good question. But look up the Emergency Highway Energy Conservation Act:
The Emergency Highway Energy Conservation Act, signed on January 2, 1974, established a national 55 miles per hour speed limit to reduce gasoline consumption. It was extended indefinitely on January 4, 1975 (U.S. Dept. of Transportation, 1979c). It also provided that Federal-aid highway funds could be used for ridesharing demonstration programs.
>>why is the Gov. not reducing the present max speed limits to conserve fuel given the current state of the worlds oil prices?
A more conservative approach is to let the market determine the best speed vs. cost trade off, not legislators and bureaucrats.