Cooking oil theft is driven by over 100% of olive oil costs.
Olive oil prices reached record highs when severe droughts in major producing regions decreased supplies, forcing desperate people to steal it.
Olive oil prices rose to $8,900 per ton in September due to "extremely dry weather" in the Mediterranean, according to the USDA.
Late August saw the theft of 50,000 liters of extra virgin olive oil from a Spanish oil factory. Olive oil worth over €420,000, or $450,000.
Olive oil prices hit record highs as droughts in major producing countries cut supplies and increase cooking oil thefts.
The average price in August was 130% higher than last year and showed "no sign of easing," USDA stated.
The average price in August was 130% higher than last year and showed "no sign of easing," USDA stated.
Spain, the world's largest olive oil producer and exporter, has suffered months of drought. According to state meteorological service AEMET,
Late August saw the theft of 50,000 liters of extra virgin olive oil from a Spanish oil factory. Olive oil worth over €420,000, or $450,000.
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