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"Double nickel" has long been a slang term for the number 55, because of its two 5's. Similarly 555 is a "triple nickel". The term's use for highways dates to the 1970s when the Transportation Department imposed a nationwide speed limit of 55 mph in an effort to curb gasoline consumption.

A nationwide speed cap was one of many limits put on energy use because OPEC (which was then much more powerful than it is now) had restricted oil sales to the US. The resulting shortages brought about an economic crisis as supplies dried up and prices spiked.

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