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SAUDIS HAVE U.S. OVER A BARREL:
The Shifting Terms of Trade Between Grain and Oil


World Grain and Oil Production, 1950-2003
Year
Grain
Oil
Million Tons
Million Tons Oil Equivalent
1950
631
518
1951
655
583
1952
680
619
1953
705
657
1954
730
682
1955
759
767
1956
773
839
1957
788
876
1958
802
901
1959
815
971
1960
824
1,049
1961
800
1,115
1962
851
1,210
1963
858
1,300
1964
906
1,408
1965
905
1,509
1966
989
1,638
1967
1,014
1,743
1968
1,053
1,937
1969
1,063
2,050
1970
1,079
2,281
1971
1,177
2,410
1972
1,141
2,547
1973
1,253
2,779
1974
1,204
2,803
1975
1,237
2,659
1976
1,342
2,901
1977
1,319
2,988
1978
1,445
3,023
1979
1,410
3,122
1980
1,429
2,976
1981
1,482
2,779
1982
1,533
2,644
1983
1,469
2,619
1984
1,632
2,701
1985
1,647
2,659
1986
1,665
2,774
1987
1,598
2,754
1988
1,550
2,881
1989
1,672
2,918
1990
1,768
3,164
1991
1,707
3,152
1992
1,788
3,184
1993
1,712
3,184
1994
1,756
3,225
1995
1,710
3,269
1996
1,871
3,366
1997
1,879
3,463
1998
1,875
3,529
1999
1,871
3,452
2000
1,838
3,590
2001
1,870
3,718
2002
1,819
3,697
2003
1,826
Source: Grain from USDA, Production, Supply & Distribution, electronic database, updated 13 March 2004; oil 1950-2000 from Worldwatch Institute, SignPosts 2002, CD-Rom (Washington, DC: 2002); and 2000-2002 from BP, Statistical Review of World Energy 2003 (Egham, United Kingdom: June 2003).

See graph: World Grain and Oil Production, 1950-2003

 

U.S. Oil Balance, 1965-2002
Production
Imports
Consumption
Production as a Share of Consumption
Thousand Barrels Daily *
Percent
1965
9,014
11,522
78.2
1966
9,579
12,100
79.2
1967
10,219
12,567
81.3
1968
10,600
13,405
79.1
1969
10,828
14,153
76.5
1970
11,297
14,710
76.8
1971
11,156
15,223
73.3
1972
11,185
16,381
68.3
1973
10,946
17,318
63.2
1974
10,461
16,631
62.9
1975
10,008
16,334
61.3
1976
9,736
17,461
55.8
1977
9,863
18,443
53.5
1978
10,274
18,756
54.8
1979
10,136
18,438
55.0
1980
10,170
6,735
17,062
59.6
1981
10,181
5,950
16,060
63.4
1982
10,199
5,040
15,295
66.7
1983
10,247
4,990
15,235
67.3
1984
10,509
5,380
15,725
66.8
1985
10,580
5,065
15,726
67.3
1986
10,231
6,045
16,281
62.8
1987
9,944
6,245
16,665
59.7
1988
9,765
7,240
17,283
56.5
1989
9,159
8,019
17,325
52.9
1990
8,914
8,026
16,988
52.5
1991
9,076
7,791
16,713
54.3
1992
8,868
7,888
17,033
52.1
1993
8,583
8,620
17,236
49.8
1994
8,389
8,929
17,719
47.3
1995
8,322
8,831
17,725
47.0
1996
8,295
9,400
18,309
45.3
1997
8,269
9,907
18,621
44.4
1998
8,011
10,382
18,917
42.3
1999
7,731
10,550
19,519
39.6
2000
7,733
11,092
19,701
39.3
2001
7,670
11,618
19,649
39.0
2002
7,698
11,357
19,708
39.1
* Note: Differences between consumption figures and the production and import statistics are accounted for by stock changes, consumption of non-petroleum additives and substitute fuels, and unavoidable disparities in the definition, measurement or conversion of oil supply and demand data.
Source: BP, Statistical Review of World Energy 2003 (Egham, United Kingdom: June 2003); historical databook at www.bp.com.

See graphs: U.S. Oil Production and Consumption, 1965-2002

U.S. Oil Production as a Share of Consumption, 1965-2002

U.S. Oil Imports, 1980-2002

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