Welcome to Rye Country Day's Economic Blog. Here you will find perspectives by students taking Economics at Rye Country Day School. It is meant to be a forum where students can openly express their ideas and take positions on relevant economic issues. I urge everyone to participate in presenting their own ideas in an open manner so that we can all learn from each other. Regardless of whether you are currently taking Economics, everyone is invited and encouraged to comment on articles and get involved. Feel free to e-mail me, Alex Osborne at alexander_osborne@rcds.rye.ny.us , with comments or suggestions.

Wednesday, January 10, 2007

Featured Entry - Olive Oil: A Guide for the gift-giving Season

Olive oil has become so much more than a simple ingredient. It is often considered the new wine! Now also considered a decoration, a gift, a collectable and so much more - that the value of a bottle of Olive oil has sky rocketed. Bottles of Olive Oil are being sold any where from $20 and up to $60 on average. However, depending on where it was made, and how virgin, or pure, it is - the bottle may well reach other $100. Similar to wine, good oil lasts gaining value over time. Imported oil have also become quite popular. Some of the best Olive Oils are imported from counties such as France and Italy, boosting the price per bottle even more. "It is worth the splurge for one of the more expensive extra-virgin Oils." According to the author of this article. In fact, in many ways, Oil is more "worth it" than wine. Wine tends to run rather expensive per bottle, and usually only lasts one sitting. Olive oil on the other hand is not only cheaper, and more prestigious and rare, but can last for months per bottle.

-Chelsea Gaulin


Hayley O'Neil said...

I have seen an increase in the use of olive oil in American over the past few years. Its use in cooking and bread dipping has increased dramitically in mostly middle to upper class households since its health benefits over butter have been recognized. Also, olive oil over butter seems a little fancier and more exotic. However, I do not believe it will ever take the place of wine. Wine is consumed in much larger quantities and more frequently and I cannot see Americans having olive oil cellars as opposed to wine cellars. Olive oil's increased popularity though has given countries like Spain and Italy greater economic advantages since olives are grown all over those countries and it is a part of the culture, whereas in the US only certain regions are able to effectively grow the olives, making the US a perfect spot for Italian and Spanish olive oil makers to expand their industry and appeal to the avid American consumer.

Anonymous said...

Well, I think we should tax it, tax it as much as possible. If people are willing to spend so much money on olive oil, they probably wont object to paying a little more. And with the tax money the government could pay for the health care of all the people that prefer butter.

alex buckingham said...

I wrote that