CNBC TV Highlights $500 Million U.S. Market
BERKELEY, Calif.–(BUSINESS WIRE)–“The New Oil Boom,” (olive oil, that is) is featured on last Friday’s CNBC’s “Squawk on the Street, Another Type of Oil with Jane Wells.” In her piece, Ms. Wells covered “a new oil boom, and a new oil war,” referring to doubled U.S. production and the push by U.S. producers for “truth in advertising” on labels. As the originators of more than 98% of all the extra virgin olive oil produced domestically, California producers are competing against dozens of imported oils, many of which may be incorrectly labeled. Ms. Wells commented that some producers from other countries “have maybe mixed in canola oil … ” and “call their olive oil extra virgin, even if it’s only like a virgin.”
“Fortunately, new USDA standards for olive oil are expected to be adopted by the end of the year,” notes Patricia Darragh, Executive Director of the California Olive Oil Council (COOC), which has focused its efforts on this issue. To combat mislabeling, the California Olive Oil Council places its seal of certification on oils that meet its rigorous tests for extra virgin olive oil, the highest quality olive oil a consumer can buy.
With the growth in the U.S. olive oil market averaging 20% per year, (“thanks to its health benefits,” as Ms. Wells remarked) California is increasing production to supply oils domestically. The current 2007-2008 harvest is expected to be the largest in years, and that means, as Ms. Wells stated, that “California is about to overtake France” in olive oil production. And the weak dollar is helping. “The cost of imported oils has been rising, so (consumers) have a chance to taste fresh, delicious, authentic California oils at a good price,” says Ms. Darragh.
About the COOC
The California Olive Oil Council was founded in 1992. The COOC is a non-profit trade and marketing association whose purpose is to promote the growing of olives and the production of olive oil in California. The COOC supports certified olive oil standards and provides grower, producer and consumer education. The COOC is dedicated to promoting fresh, quality extra virgin olive oils made in California. Through our Seal Certification program, we help everyone from home chefs to restaurants find guaranteed extra virgin olive oils for their kitchens. For more information, visit the COOC web site at www.cooc.com, and view our three-minute video on the California olive oil industry, at www.cooc.com/video.html.