Yes, though like many other American reactions to the oil shock, this was pretty silly.
High petrol prices automatically discourage speeding. (Just as a carbon tax would.)
Of course, the US also had price controls on petrol. And the ensuing long queues and fights at the petrol station.
Their anarcho-capitalist utopian neighbour [1] to the north did not enact price controls for petrol, and subsequently did not see any queues or fights.
