Panic at the Crisco...

Cook with olive oil? Buckle up. Weather in the Mediterranean has supplies all jacked up for the foreseeable future, and the prices are already double what they were a couple years ago.

“Should this pace of depletion persist, market insiders warn that olive oil supplies could be exhausted before the arrival of fresh harvests, which traditionally commence in Spain around October,” Mintec analyst Kyle Holland wrote in an email.

And that’s not looking great, either.

The drought and lack of water over the past months in Spain is creating concerns about the new season, according to a recent Rabobank agriculture report. And in recent weeks, storms have affected Apulia, the most important olive oil production region in Italy, damaging the upcoming harvest. Italy is the world’s No. 2 olive oil producer.

The news is similar among other major producers in the Mediterranean, with drought having affected crops from Portugal, Tunisia, Morocco and Greece. Turkey, which had a good harvest, is compounding the worldwide shortage by banning bulk olive oil exports to ensure adequate domestic supplies.

I am Tamara's absolute lack of surprise at the Turkish government somehow finding a way to make my life worse.

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