The Shifting Terms of Trade Between Grain and Oil. In 1970, a bushel of wheat could be traded for a barrel of oil in the world market. It now takes nine bushels of wheat to buy a barrel of oil.
WASHINGTON - Crude oil prices will increase gradually and reach $51 a barrel by 2025 due to inflation and rising energy needs in developing nations, according to an Energy Department projection.
With US Treasury secretary John Snow ratcheting up his criticism of Opec, it is clear the Bush administration is alarmed about rising oil prices.
IN POORER COUNTRIES, a rise in the price of bread can set off a revolution. In this country, the price of gasoline sometimes seems to have the same kind of power.