World Faces Massive Oil Shortage

Kilroy was here · Aug 8, 2015

This calls for the appointment of an Olive Oil Czar!

Jul 29, 2015 @ 4:14 PM
The World is Facing a Massive Olive Oil Shortage

The worst part: Stocking up won't do us any good.

Be prepared to lose a pantry staple—or at least pay top dollar for it. Like Italian prosecco before it, olive oil is experiencing a massive shortage due to a poor harvest season.
In both Spain and Italy—the two countries responsible for more than 70 percent of the world's olive oil production—hurdles like drought, disease-stricken trees, and fruit-fly infestations have completely stunted the olive harvest. Overall, output of olive oil from both countries has fallen by more than 50 percent in the 2014-2015 season, which ends at the end of September.
The price of Spanish olive oil in particular has surged to an all-time high because of this plummeting inventory, which ultimately sky-rockets demand. It also doesn't help that the country is the world's largest producer of olive oil. A five percent increase puts each metric ton at $4,272, which is the highest Spanish olive oil has reached since 2006.
"It's a quite concerning acceleration," Lamine Lahouasnia, a food researcher at Euromonitor International, told Bloomberg. "The supply shortages as a result of the drought, and particularly underproduction in Spain, have filtered through to the marketplace."
What exactly does this mean for olive oil users? Euromonitor reports that in the last year, prices for consumers have surged by 10 percent, which means olive oil has outpaced the global inflation rate for any other packaged food. So be prepared to pay a pretty penny for that bottle—just make sure that you're getting the real deal and not mislabeled vegetable. But the biggest blow with this shortage is that consumers can't even stock up on the stuff. Olives are a fresh fruit like grapes, but olive oil is considered a fruit juice so its shelf life isn't long. Basically, olive oil doesn't age like wine does; instead, it rots. You can fill up your pantry all you want, but the longer that bottle sits there, the more it goes to waste.
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westwingnut · Aug 8, 2015

Daryl needs to tell Olive Oil to get its ass in gear.

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World Faces Massive Oil Shortage

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