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Report
Olive oil prices skyrocket due to global shortage
The Street
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10/9/2023
TheStreet’s Sara Silverstein brings you the biggest news of the day, including the market reaction to the Israeli-Palestinian conflict and why olive oil has become so expensive.
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Sports
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00:00
I'm Sarah Silverstein reporting from the New York Stock Exchange.
00:03
Here's what we're watching on the street today.
00:05
Markets are reacting to rising geopolitical tensions in the Middle East.
00:09
Wall Street was rattled over the weekend as the Israeli-Palestinian conflict escalated.
00:14
Oil prices surged on the news as investors worry that major crude-producing countries
00:18
could be pulled into war.
00:20
A sustained jump in oil prices would only add to inflationary pressures ahead of the
00:24
Fed's November meeting on interest rates.
00:27
Meanwhile, thanks to drought, extreme heat and wildfires, the world's olive oil harvest
00:31
has been ravaged.
00:32
Spain, which is responsible for half the world's olive oil supply, has reported a 48 percent
00:38
drop in production compared to last year.
00:41
Increasing the issue is Turkey, which despite a good harvest, has banned bulk exports to
00:45
ensure its own supply.
00:47
The current cost of a metric ton of olive oil now sits at $9,000, compared to the cost
00:52
of crude oil, which is about $670 a ton.
00:56
Now no one literally needs a ton of olive oil to cook with at home, but retail prices
01:01
have increased by 12.5 percent due to the shortage.
01:04
And that's on top of the 8.8 percent increase in 2022.
01:08
The average cost of a bottle of olive oil in the U.S. now is about $9.92.
01:14
And finally, the Nobel Prize in Economics has been awarded to Harvard University professor
01:18
Claudia Golden.
01:20
She is the third woman to ever win the prize.
01:22
Golden won the award thanks to her research into women's income and employment with
01:26
the Royal Swedish Academy of Sciences, saying Golden "uncovered key drivers of gender
01:31
differences in the labor market."
01:33
That'll do it for your daily briefing.
01:35
From the New York Stock Exchange, I'm Sarah Silverstein with the Street.
01:38
Thanks.
01:38
[END]
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