He was, but winning the ballon d'or had more to do with his team winning a lot of second rate trophies. Liverpool won the Uefa Cup, European Super Cup, The FA Cup, The League Cup and the Charity Shield and they kept mentioning how Owen won 5 important trophies with his team that season.
I mean.... the charity shield
Raul won La Liga and made it to the CL semifinal. Raul scored 24 goals in the league (Owen scored 16), Raul scored 7 goals in Europe, all in CL, , Owen scored 4 in UEFA Cup. Raul scored 31 goals total, Owen scored 24.....but for some reason they chose Owen.