A happy grain-oil correlation

The shift in terms of trade between the price of wheat — a surrogate for grain prices, and that of oil — is both dramatic and ongoing. From 1950 to 1973, the prices of wheat and of oil were remarkably stable, as was the relationship between the two.

At any time during the 23-year span, a bushel of wheat could be traded for a barrel of oil in the world market.

The first big adjustment between oil and wheat came when OPEC tripled the oil price at the end of 1973. During the 1974-78 period, it took roughly three bushels of wheat to buy a barrel of oil.

Then, in the years after the second OPEC oil price hike, which boosted the price of oil from $13...

A happy grain-oil correlation

The shift in terms of trade between the price of wheat — a surrogate for grain prices, and that of oil — is both dramatic and ongoing. From 1950 to 1973, the prices of wheat and of oil were remarkably stable, as was the relationship between the two.

At any time during the 23-year span, a bushel of wheat could be traded for a barrel of oil in the world market.

The first big adjustment between oil and wheat came when OPEC tripled the oil price at the end of 1973. During the 1974-78 period, it took roughly three bushels of wheat to buy a barrel of oil.

Then, in the years after the second OPEC oil price hike, which boosted the price of oil from $13 per barrel in 1978 to $30 per barrel in 1979, it took seven bushels of wheat to by a barrel of oil.

Falling oil prices

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He should go beg the oil speculators to stop their crooked ways.

Now there's an idea. Ask his buddies for a favour returned. Sure aren't the big 4 set to clean up now on Iraqi oil that 4,000+ US service personnel - never mind all those patriotic contractors - died for on their commander-in-chief's orders to get that oil after an illegal invasion.

Now that would be a very good idea except. Except for the huge cut of the profits in the share out after he may stand down as president, but only after he issued pardons to Pollard, the contractors, his fellow conspirators, the fuel barons and any one else he can think of. Wait and we might see his final kick in the teeth to the l...

He should go beg the oil speculators to stop their crooked ways.

Now there's an idea. Ask his buddies for a favour returned. Sure aren't the big 4 set to clean up now on Iraqi oil that 4,000+ US service personnel - never mind all those patriotic contractors - died for on their commander-in-chief's orders to get that oil after an illegal invasion.

Now that would be a very good idea except. Except for the huge cut of the profits in the share out after he may stand down as president, but only after he issued pardons to Pollard, the contractors, his fellow conspirators, the fuel barons and any one else he can think of. Wait and we might see his final kick in the teeth to the long suffering, fearful American people, punch-drunk from abuses from their elitist politicians.

Now there's an idea. Ask his buddies for a favour returned. Sure aren't the big 4 set to clean up now on Iraqi oil that 4,000+ US service personnel - never mind all those patriotic contractors - died for on their commander-in-chief's orders to get that oil after an illegal invasion.

Your assumptions are becoming extremely irritating. And I don't appreciate your attitude toward American soldiers, even if Bush's reasons for the invasion were corrupt (which I believe they were), they still did good in Iraq. Saddam and his goons are no longer murdering and raping at will. Unfortunately Bush has now decided he wants to turn Iraq into an American territory, let's just hope nothin...

Now there's an idea. Ask his buddies for a favour returned. Sure aren't the big 4 set to clean up now on Iraqi oil that 4,000+ US service personnel - never mind all those patriotic contractors - died for on their commander-in-chief's orders to get that oil after an illegal invasion.

Your assumptions are becoming extremely irritating. And I don't appreciate your attitude toward American soldiers, even if Bush's reasons for the invasion were corrupt (which I believe they were), they still did good in Iraq. Saddam and his goons are no longer murdering and raping at will. Unfortunately Bush has now decided he wants to turn Iraq into an American territory, let's just hope nothing comes to fruition before he's ousted. Now, keeping within the context of this article, more oil has nothing to do with oil prices. At least not in the short term. Market speculators have inflated the price of oil for every absurd reason under the sun, and they've done it for their own profit. Bush knows it, but he's not interested in real change, so he makes it look good by going and begging for more oil. It kind of backfired if you ask me, nobody wants to see the leader of their country begging for more oil when we have our own oil sources, and more oil isn't even the real problem.

And I don't appreciate your attitude toward American soldiers

You will NEVER EVEN read anything written by me that is against the American soldiers. Your sensitivity about your governments actions abroad and at home may have you read what is not written You may make the jump from criticism of the US government to US soldiers. Well, you are WRONG.

I am anti war but could be no more against US soldiers as I could be against our Irish solders. I may be against our men wasting their lives defending the ungrateful Israel's borders for decades but I'll always support our soldiers in the same way that you will support yours. I'm very much against sending our men to guard Is...

And I don't appreciate your attitude toward American soldiers

You will NEVER EVEN read anything written by me that is against the American soldiers. Your sensitivity about your governments actions abroad and at home may have you read what is not written You may make the jump from criticism of the US government to US soldiers. Well, you are WRONG.

I am anti war but could be no more against US soldiers as I could be against our Irish solders. I may be against our men wasting their lives defending the ungrateful Israel's borders for decades but I'll always support our soldiers in the same way that you will support yours. I'm very much against sending our men to guard Israel's borders but it's with the politicians that my problem is and not the brave men.

It may well be that you are incapable of making this important distinction. It may well be that you are xenophobic about any foreign criticism. Well, get used to it. You cannot shut me up. Learn to read what is written. It helps us all. Further it has been by experience that the former Bush-huggers had little problem with sending other mother's son to die in Iraq. Certainly I contend that the evidence is that I cared MORE about American's deaths in Iraq than their commander-in-chief, the AWOL coward. How is that for criticism, for a start anyway?

Ask Cindy Sheehan about the dead hand handshake and his inability to sympathise at the lowest of human level when he deemed to meet dead soldiers parents in his busy schedule between rounds of golf. I suppose she is a traitor in your eyes. A brave woman who sacrificed so much and who certain can claim to have saved more soldiers' lives than Bush. Did she profit out of the Iraq war like Bush&Co so obviously did. Make a list of the elite politicians whose children served in Iraq.

Bush couldn't care less about human life, no more then any other politician can. We're all pawns, "resources of the state", things to be exploited. The only time they care about morality is when their ...

Ask Cindy Sheehan about the dead hand handshake and his inability to sympathise at the lowest of human level when he deemed to meet dead soldiers parents in his busy schedule between rounds of golf. I suppose she is a traitor in your eyes. A brave woman who sacrificed so much and who certain can claim to have saved more soldiers' lives than Bush. Did she profit out of the Iraq war like Bush&Co so obviously did. Make a list of the elite politicians whose children served in Iraq.

Bush couldn't care less about human life, no more then any other politician can. We're all pawns, "resources of the state", things to be exploited. The only time they care about morality is when their wicked actions have an adverse affect on the efficiency of their goals when the people rebel against them.