December 30, 2015

Five years after a record oil boom, Texan oil well owners are turning to the production of olive oil amid dwindling incomes due to falling crude oil prices. In 2008 Texas saw a total of 80,000 olive trees planted, and by 2013 this number increased to 500,000. Going forward, by the end of 2015 the Texas Olive Oil Council expects approximately 2 million trees to be planted in the state. The U.S. is a top global consumer of olive oil, however it imports approximately 97% of the oil it uses from overseas. In 2013 the U.S. imported $1.1 billion worth of olive oil – up from $400 million worth in 2000 according to the U.S. Department of Agriculture (USDA). In the 1980’s the crude oil market crashed, sending Texas, which is heavily reliant on the crude oil industry into a local recession. Since then, olive oil has helped to diversify the state’s economy, to a degree. Although the state’s production is increasing, currently Texas is producing 15,000 gallons of olive oil per year compared to 3.5 million gallons being produced per year in California, the country’s leading producing state.

Read the article

To receive relevant news stories with summaries provided by GAI Research & Insight, subscribe to Global AgDevelopments, our free weekly enhanced eNews service