The reason? Part of it has to do with peanut production being down 13 percent. The rest can be blamed on intense heat and drought in the south. Couple that with demand. The National Peanut Board says Americans spend almost $800 million a year on peanut butter, consuming six pounds of it per year! And if anyone knows peanuts, it’s the Peanut Board, which I assume is run by Mr. Peanut, himself.