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| Economy |
| Olive oil prices surge over 100% to record highs, sparking cooking oil thefts |
| 2023-09-20 |
| [CBS] Olive oil prices spiked to fresh records as severe droughts in major producing countries crimp supplies — and drive up thefts in cooking oil. Global prices for olive oil surged to $8,900 per ton in September, driven by "extremely dry weather" in the Mediterranean, according to a recent report by the United States Department of Agriculture. Already, the average price in August was 130% higher compared to the year before, and showed "no sign of easing," USDA said. Spain, the world’s largest producer and exporter of olive oil, has been battered by an intense drought for months. The country also just recorded its third hottest summer, with the average summer temperature 1.3°C higher than normal, according to state meteorological agency AEMET. |
| Posted by:Besoeker |
| #9 A local producer - Showa Farms - won Best In World rating recently. 4th time in a row. |
| Posted by: Rex Mundi 2023-09-20 21:43 |
| #8 Reminds me of terrible yen, forgotten for quarter- century, I had for a very tender (and otherwise sensitive) tropical osmanthus in somebody's catalog. Supposedly more or less everyblooming. Sounded like something you'd steal from a temple at risk of life and limb. Priced accordingly. Passed. |
| Posted by: Whatle Glotch8616 2023-09-20 20:08 |
| #7 My grocery store was selling olive trees in pots the other day. About 18” tall and, if I understand correctly, about three decades before it produces fruit, but I was hit by the strongest craving to acquire a few... Must be my distant Middle Eastern heritage being triggered. |
| Posted by: trailing wife 2023-09-20 19:06 |
| #6 I get mine from Verde Valley Oil Traders in AZ (Cottonwood, Jerome). Cool place and delicious tasting rooms |
| Posted by: Frank G 2023-09-20 18:43 |
| #5 Cashier: "Your winnings, xir." Me, having just bought 6 liters of tolerable Spanish stuff to ballast the fridge: "Wow, that'll pay for... several hours' rent!" Sigh. |
| Posted by: Whatle Glotch8616 2023-09-20 18:00 |
| #4 if you visit Spain and travel around you will notice that hundreds of thousands, maybe millions of acres have been planted with olive trees (Portugal did about the same but with cork oak trees). regarding olive oil, there were price spikes to about $6k/ton in/about 1997 and 2006; olive oil prices crashed during the early part of the pandemic to about $1k/ton |
| Posted by: lord garth 2023-09-20 17:55 |
| #3 Is Canola Oil Healthy? All You Need to Know Canola is a chemically processed GMO. Olives are squeezed. |
| Posted by: Skidmark 2023-09-20 16:39 |
| #2 Watch for an increase of "mafia oil" supplies. (combination of olive oil mixed with cheap cooking oil AKA 'counterfeit olive oil'.) Use canola oil in the meanwhile, it's healthy and readily available. |
| Posted by: Seeking Cure For Ignorance 2023-09-20 16:22 |
| #1 I like olives. |
| Posted by: Skidmark 2023-09-20 00:08 |