POLICY: No Shortage of Skepticism

The energy shortage is dividing Americans into two camps: those who are behaving as if the crisis is genuine, and those who are not. Last week the shortage touched the lives of additional citizens, but there were many who were still not much affected, and quite a number who continued to suspect that the crisis is overblown or phony.

The first solid evidence appeared last week that the energy shortage —whatever its causes or true dimensions —is hurting the economy. The Federal Reserve Board reported that industrial production fell .5% in December,...

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