virgin olive oil

Prices Sink To A 10-Year Low Crushing Spain, Italy And Greece

Source: http://www.businessinsider.com/olive-oil-prices-10-year-low-spain-italy-greece-2012-5

olive oil

Nothing seems to be going right for the debt-laden countries in southern Europe.

According to the Financial Times Javier Blas, wholesale olive oil prices are at 10-year low:

“The market is in serious crisis,” said Pekka Pesonen, head of the Copa-Cogeca farming union in Brussels. “This crop is vital for the main producing countries in terms of maintaining employment in their rural areas.”

The price of premium-quality extra virgin olive oil in the wholesale market fell this month to $2,900 a tonne, the lowest since 2002 and down more than half from nearly $6,000 a tonne in 2005, according to the International Monetary Fund.

Olive oil is also suffering from a major supply glut and increased competition from cheaper vegetable oil alternatives.

SEE ALSO: Here’s How Greece Can Dominate The Lucrative Global Olive Oil, Feta Cheese And Greek Yogurt Business >

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Monday, May 28th, 2012 news No Comments

21 Crazy Facts About The Unbelievably Corrupt Olive Oil Industry

Source: http://www.businessinsider.com/fake-olive-oil-2012-1


Olive Oil

Olive oil has played a prominent part in Mediterranean culture for over 2,000 years and is beloved by foodies the world over.

However, the industry has a dirty little secret.

A lot of the “Italian extra virgin olive oil” isn’t what it says on the tin. Sometimes its not extra virgin, sometimes its not Italian — and sometimes it’s not even made from olives.

Here’s what you need to know about one of the world’s most lucrative criminal endeavors.

Olive oil is far more expensive than other oils, but surprisingly easy to fake.

(Source).

The fake industry seems to have almost as long a history as the real industry.

In the past merchants used to mix the oil with lard.

(Source)

It’s probably because of how valuable it is — way back in ancient Rome, per-capita consumption of olive oil was as much as fifty liters every year.

“People were prepared to spend the same amount of money on olive oil back then as they do on petroleum today.”

Nigel Kennell a specialist in ancient history, tells the New Yorker’s Tom Mueller.

See the rest of the story at Business Insider

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Thursday, January 19th, 2012 news No Comments

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