The Spanish government has decided to reduce the speed limit on its national highways from 120 km per hour to 110 km per hour due to the crisis in the Middle East and the effect it will have on oil supply and pricing.
Libya ships 9% of its oil exports to Spain and Repsol, the Spanish oil company, has had to shut down its Libyan operations in light of the upheaval in the country. On top of the supply issues there is pricing, currently crude is trading at $100 a barrel and is expected to climb in price.
Effective March 7th all speed limits will be reduced as an energy-saving measure that will reduce gas consumption by 15% in the country. In addition the country is providing incentives for commuters to use public transportation by cutting train ticket prices by 5%.