A shortage of olive oil has made prices of the pantry staple skyrocket — so much so that it’s being dubbed “liquid gold.”
Kyle Holland, an analyst at market research group Mintec, told CNBC that extreme weather has “significantly impacted” olive oil production in Mediterranean countries such as Spain, Italy and Greece.
“Some players we speak to that have been doing this for many years wonder how they are going to carry on,” Holland said.
Analysts predict that the shortage of olive oil production will have markets on the watch for sudden price spikes over the coming months.
The price tag of olive oil has both consumers and industry veterans in shock, and shoppers are looking for cheaper alternatives.
Vegetable Oil
Vegetable oil is one of the cheapest cooking oil options.
However, it’s one of the most highly processed since it’s made of a blend of fats from multiple plant sources, such as sunflower, corn, canola, soy and safflower.
Due to its processed nature, it tends to lack micronutrients and health benefits, and it’s high in pro-inflammatory fats.
Canola (Rapeseed) Oil
There are two main types of rapeseed oil: industrial and culinary. The culinary version is more widely known as canola oil, and has a different genetic makeup, containing an erucic acid level of 2% or less.
Thanks to its worldwide production, rapeseed oil is affordable and accessible. One gallon of rapeseed oil costs less than half the price of one gallon of olive oil.
Rapeseed oil is pure oil and has an abundance of healthy fats and fat-soluble vitamins, is low in saturated fat and high in unsaturated fat, and is a good source of vitamin E, an antioxidant that supports skin and eye health, according to Healthline.
It can be cooked at high temperatures thanks to its high smoke point, so it won’t burn until around 400ºF. It also has a mild flavor and has many uses in cooking, baking and food processing.
Sunflower Oil
Sunflower oil is made from sunflower seeds, and the four types all have different fatty acid compositions.
The oil is 100% fat, contains vitamin E and has unsaturated fats that could benefit heart health. It also has a neutral taste and is high in linoleic acid, an essential fatty acid.
However, it’s important to note that sunflower oil should be used in lower heat applications as it could release toxic compounds when heated to higher temperatures, Healthline said.
Sesame Oil
Sesame oil is high in sesamol and sesaminol, heart-healthy antioxidants that could have potential effects against certain diseases such as Parkinson’s.
It has a nutty flavor which makes it great for stir-fry, sautéing, general-purpose cooking, and even salad dressings.
