A lousy crop means high prices. At least for the real thing.

California has new standards for olive oil produced in the state.

As if Europe didn't have enough on its plate, it now faces a big drop in the price of one of its biggest exports, olive oil. Seventy percent of the world's olive oil supply comes from Spain, Greece and Italy.

Tom Mueller, author of "Extra Virginity: The Sublime and Scandalous World of Olive Oil," reveals everything you should know about olive oil, including how to taste it.