As pointed out in a comment, the formula is for momentum. That's correct and I should have pointed out the energy is stored until there is a collision.
That's the formula for the energy of mass when subjected to a particular velocity. It's the simple formula, since there are so many other things involved that require more advanced mathematics, different masses, different velocities, and vectors that describe the forces applied from different directions.
So, why did I post this? In the real world, where automobiles travel at speeds of over one hundred feet each second, the amount of energy released during a collision with me manifests into severed body parts, lots of blood, and sadness for those left behind.
I work behind traffic barrels that are made of plastic, can be moved by the wind, and offer no protection. When someone texts, loses concentration, or is outright psychopathic, the only protection offered is as insubstantial as a spider web.
I think about such things daily. I see people texting, tapping barrels and know every second is only one second from disaster. That's why I don't care your 15 minute drive took 25 minutes. When the cars are slowly driving past, I know I won't leave the job in a body bag.