Remember The Oil Crisis?

Today, oil hit $100 a barrel. (And the dollar against the Euro? 1.47)

On 2 January 1974, President Nixon signed the Emergency Highway Conservation Act, which mandated a 55 mph maximum speed limit on federal highways (the Interstate system). States could ignore the mandate and forfeit any federal highway funds. The bill also helped create carpool-only lanes as Congress, and the President, actually asked Americans to do something about oil consumption.

In response to the oil embargo, in November 1973 Nixon signed the Emergency Petroleum Allocation Act, which mandated how oil companies would divvy up a barrel of oil into its refined products.

Why is any oil country still pricing oil in dollars? (tip)

See Petroleum Geology - Oil and Gas, Gas Rationing Milestone, DOT Requires Incremental Increase in Light Truck Gas Mileage, New Fuel Economy Label Helps Consumers, CAFE Standards.