Prices of Olive Oil? [Moved from Los Angeles Area board]

[Clinton]

For the past few years, olive oil has slowly crept up and hit the ceiling. I remember buying a large bottle of extra virgin oil at Costco for around $7 or less. The going price now has almost doubled. Are they pumping it out of the ground just like they do with crude or what? What's the skinny?

[Captain Beefhart]

Bad growing seasons for olives.

Al Gore's working on it...

[Chowpatty]

It must have been a pretty large bottle -- the liter size is still $7 at Trader Joe's and Fresh and Easy.

[sebi]

It might have something to do the crap U.S. dollar value... $1.44 to 1 Euro. But yea, you are right, Costco extra virgin olive oil cost me $12 per jug (packaged in 2) yesterday.

[JungMann]

It's a combination of the exchange rate, which makes European imports more expensive, as well as simple marketing. Because of olive oil's perceived health benefits and prominence in non-American cooking, companies can market the product as a luxury good, and accordingly up the price, increasing the cachet of their brands.