Cooking Oil Shortage 2024. Here’s what we can do. A shortage of olive oil, sometimes referred to as liquid gold, has driven prices to record highs, fueled a crime surge and pushed the industry into crisis mode.

Olive oil prices spiked to fresh records as severe droughts in major producing countries crimp supplies — and drive up thefts in cooking oil. A fresh spike in cooking oil prices is increasing concerns that global food costs are heading for a record as drought curbs production in south america, a labor.