A combination of ship, buoy, and satellite observations in the tropical Pacific during the period from 1992 to 2000 provides a basin-scale perspective on the net effects of El Niño and La Niña on biogeochemical cycles. New biological production during the 1997-99 El Niño/La Niña period varied by more than a factor of 2. The resulting interannual changes in global carbon sequestration associated with the El Niño/La Niña cycle contributed to the largest known natural perturbation of the global carbon cycle over these time scales.