09/24/2012 01:31 pm ET

Olive Oil Prices To Soar After Spanish Drought Devastates Crop

A fresh oil crisis is brewing. However, this time it won't be hitting the garage forecourts but the nation's kitchens.

The wholesale price of extra virgin olive oil has jumped 62% in three months after a severe drought in Spain, the world's largest producer, wiped out an estimated 600,000 tonnes of production.

Read more on The Guardian