“Cooking Oil Crime Wave: Olive Oil Prices Soar to Record Highs!

Olive oil prices have spiked to record highs, reaching as much as $105 per liter in some regions, prompting a rash of cooking oil thefts in Spain and Greece. The sudden surge in prices is being attributed to a number of factors, including a collapsing Turkish lira, the impact of US tariffs on Spanish imports, and a drought in the Mediterranean region that has hurt olive harvests. Given the high prices, residents in some areas of Spain and Greece have resorted to theft of cooking oil from supermarkets and restaurants in an attempt to save money. In the province of Granada in Spain, the Guardia Civil arrested 12 people on charges of cooking oil theft, accusing them of targeting supermarkets, restaurants and culinary stores. The price surge for olive oil has wreaked havoc in the consumer market, with retailers in Europe and the US scaling back their orders so as not to be left with huge stocks of olive oil. The spike in prices has also affected those who use olive oil for religious purposes in Greek Orthodox and Catholic churches, with many churches raising fundraisers to buy and make available the cooking oil. The lack of affordable olive oil has also scare many in the Mediterranean region because of the high nutritional value it provides. Olive oil is a key component of the Mediterranean Diet, boasting of several health benefits. Ultimately, the price surge has devastated what was once a booming olive oil market. But with any luck, prices will eventually stabilize, and olive oil thefts across Europe will be a thing of the past.