America is faced with a dilemma.
It's actually great news if you're a wine drinker, because due to an excess of grapes, the price of wine is dropping.
A winter report from the Allied Grape Growers stated, "The industry is facing a demand problem more so than a supply problem. Simultaneously, we have pointed out that, regardless of the origin of the problem, the end result is the same – market imbalance, ultimately manifesting itself as oversupply."
Unfortunately, we might not actually see the drop in 2020. Rob McMillan, EVP and founder of Silicon Valley Bank’s Wine Division, said in his annual report, "We thought we would see some limited price reductions in bottles priced in the middle teens in 2019. Though we did see increased demands from distributors for additional allowances through the year, which should have driven lower bottle prices in theory, we can’t find evidence of that."
Officials estimate that over 100,000 grapes were left on the vines in 2019 to rot.
Via Fox Business