Home » News » In the United States, the new yellow gold is frying oil

In the United States, the new yellow gold is frying oil

The exponential rise in the price of cooking oils is causing a wave of burglaries of this new liquid gold in New York restaurants.

This is one of the unintended consequences of regulating CO emissions.2. In the United States, used cooking oil earns more money than cocaine trafficking. While the price of this new yellow gold is experiencing a sudden or even exponential rise in prices, a wave of burglaries affects New York restaurants, reports the “Wall Street Journal”.

“Guys are making $ 1,500 a day. It’s even more lucrative than crack, ”explains Sumit Majumdar, owner of Buffalo Biodiesel. This company collects used oils from restaurants for recycling. Spotted by sire korii.fr, the article by journalists across the Atlantic states that over the past three years, one of Buffalo Biodiesel’s clients has had $ 30,000 in cooking oil stolen.

Resigned and terribly affected by this wave of burglaries, the owner of the company estimates that he is losing nearly $ 10 million in sales per year. And this, despite the new locks installed on the dumpsters of the restaurants with which he works.

Why are the prices going up?

CO2 emissions regulations encourage the consumption of biofuel throughout the country and, in effect, push up the prices of soybean or corn oil, which is also used in restaurants. Another factor, the global pandemic has drastically slowed down the production of palm oil used by some kitchens.

These skyrocketing prices and repeated burglaries inevitably lead to higher prices for products in restaurants. The chicken wings of David Wagner’s two brands in New York must have increased by 20%. Another tip to fill this shortfall, the boss asks his employees not to heat the oil too much so that it wears out less quickly.

And the trend is still in its infancy. According to Fastmarkets The Jacobsen, used oil from restaurants now sells for $ 1.8 per kilo, 80% more than a year earlier.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.