Olive Oil Prices Versus Fossil Fuel Oil Prices

Just as you begin to feel the positive impact of lower gasoline prices at your local gas station due to the more than 40% correction in the price of oil, you can expect the price of the edible extra virgin olive oil price to rise in your local kitchen. 

The Madrid based International Olive Oil Council recently reported olive oil prices to rise do to the approximate 27% drop in the harvest in 2015 as (i) an extraordinary long and dry summer in Spain, the world’s largest producer with over 50% of global production, reduced yields and (ii) Italy, the second largest producer with approximately 18% of global olive oil output, is battling a fruit fly, Musca oleae, which has devastated many of the groves and production is expected to be the lowest since 1991.

From the archives: December 22, 2014