Obviously there's the safety argument (which I fully agree with) but for all those needing another reason, there is also this:
For high speed travel an increase of 1mph increases the fuel consumption vastly more than at lower speeds. I.e. Going from 70 to 71mph uses a lot more fuel than going from 30 to 31mph.
At high speeds the fuel consumption is huge, as we all know fuel is very limited and thus the price of fuel is going up (something we all complain about). Now, 70mph is a reasonable speed to get everywhere we want - it also uses vastly less fuel than say travelling at 80mph. If the tens of millions of drivers all travelled at 70mph rather than 80mph (or even the 100mph which would be likely if there were no speed limits) then the fuel we would save would be considerable! The fuel may even still be affordable in 10 years time. Essentially, if you travel above the speed limit you're being incredibly selfish and burning much needed fuel for the future for pretty much no useful reason.
Now, none of us may care about the future but you can see why the government would, and they would need to control this.
How can they control it you ask? Oh wait....
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