Yes. To be precise, power, which is energy per unit time, is cubic in velocity: it takes 8 times as much power to go twice as fast (because of air resistance).

Yes. To be precise, power, which is energy per unit time, is cubic in velocity: it takes 8 times as much power to go twice as fast (because of air resistance). But for a given distance, the energy required to traverse it is quadratic in velocity: it takes only 4 times as much energy to cover the distance at twice the speed, because it takes you half as long to get there. ETA: There are other sources of drag, of course -- tire drag, and mechanical friction in the drivetrain -- but AFAIK the power required to overcome those is linear in speed, and so the energy is constant for a given distance. Anyway, at highway speeds, air resistance dominates.