Wees, back in the late 70s we had a fuel shortage here and President Carter dropped the maximum speed from 70 to 55 nationwide for years. It was like the nation went into slow motion, except that CB radios and radar detectors had just become popular - then that boomed. Running Smokies became a great sport - Smokey Bears being the nickname for hiway patrol troopers of many states who wore Campaign Hats like Smokey-The-Bear wears, also seen on Drill Instructors, National Park Rangers, etc. Texas troopers have always worn Stetsons with the traditional Cattleman's Crease, but they still got the nickname from CB talk and some movies made at the time about the sport.
Just a technical correction, Dandy Don, the 55 MPH limit became National Law in 1974, under President Nixon, in response to an oil shortage at that time. It was a provision of the 1974 Emergency Highway Energy Conservation Act. You're right about the CBs and stuff during the late 1970's, though.
In its defense, the 55 MPH limit did result in an initial drop in highway fatalities, although it wasn't sustained. In 1987, Congress permitted states to raise speed limits to 65 mph on rural Interstate highways. In 1988 they extended the same 65 mph limit to any rural roads built to Interstate standards even if they were not signed as Interstates. Congress lifted all speed limit controls in 1995.
Regarding gas prices, both Presidents Nixon and Carter instituted price controls. It did keep the prices down, but since the price of gas is influenced mostly by market forces, gas shortages (and long lines at pumps) were the result. There were large supplies of crude in takers offshore, but they couldn't be sold. Oil companies couldn't make a profit (or avoid a loss) so the crude remained unsold.
Rick