Famed economist John Kenneth Galbraith used to respond to questions about the direction of the economy and financial markets by saying: "I answer because I'm asked not because I know."
Such is also the case with poorly informed members of the public whose views pollsters seek on every conceivable topic including energy. A recent Gallup poll asked a sampling of Americans whether they believe the United States will face a critical energy shortage in the next five years.
Some 31 percent responded yes, the lowest number on record since the question was first asked in 1978 (though it was not asked again by Gallup until 2001.) In 2012, the last time the question appeared in a Gallup survey, the number was 50 percent. The highest result came, not surprisingly, in 2008 when oil was making its historic climb to an all-time high of $147 per barrel. In March of that year (five months before the oil price peak) some 62 percent of American respondents thought the United States would face a critical energy shortage in the next five years.
There is, of course, the problem of what "critical energy shortage" means to each respondent. Prices for all varieties of energy were elevated in 2008, but there weren't any critical shortages--just very high prices which made it impossible for some to afford as much energy as they would like.