Olive Oil Prices Soar to Record Highs as Climate Change Slashes Global Supply
- Olive oil prices hit record high of $9,000 per metric ton due to climate change reducing supply
- Output down 48% in Spain, the top producer, and drought hurt crops in Italy, Portugal, etc.
- USDA estimates only 2.5 million tons of olive oil will be produced globally this year
- U.S. imports 30% of olive oil now, going up to 35% this year as domestic production can't meet demand
- Prices up 130% from last year and climate change offers little hope for future olive oil production