Spain Orders Olive Oil to Be Stored to Stop Price Fall
Listen to the story
Spain's government has made a new rule about olive oil. This is the first time this has happened.
The government says producers must store 12% of the olive oil they make. This means they cannot sell this oil now.
The goal is to stop a big fall in olive oil prices. Experts call a big price fall a collapse.
There is too much olive oil for sale right now. This is called production. When there is too much of something, the price often goes down.
The government made this rule to help farmers. Farmers grow olives and make olive oil. If prices fall too much, farmers earn less money.
This plan is called a decree. A decree is an official order from the government. The decree says storage of 12% of the oil is now mandatory. Mandatory means everyone must do it.
Olive oil is very important in Spain. Spain makes a lot of olive oil and sells it to many countries.
This new rule shows the government wants to protect the olive oil market. A market is a place where people buy and sell things.
Vocabulary15 words
- store
- to keep something and not use it now
- collapse
- a sudden big fall
- production
- the amount of something made
- decree
- an official order from government
- mandatory
- something you must do
- market
- a place where people buy and sell
- farmer
- a person who grows food
- goal
- what someone wants to do
- government
- the group that runs a country
- rule
- something people must follow
- price
- how much something costs
- sell
- to give something for money
- protect
- to keep safe
- official
- from the government, real
- first time
- never happened before now
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Quiz
Answer key
1. Store 12% of olive oil production 2. To stop olive oil prices from falling too much 3. True
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Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
Spain's government has made a new _____ about olive oil.
The government says producers must _____ 12% of the olive oil they make.
The goal is to stop a big _____ in olive oil prices.
There is too much olive oil for sale right now. This is called _____.
The government made this rule to help _____.
This plan is called a _____.
The decree says storage of 12% of the oil is now _____.
This new rule shows the government wants to protect the olive oil _____.
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