I’ve heard this euphemism before, and I’ve always thought of it as a pretty standar cliche. I’m thinking of writing it into a joke but now I’m wondering if I can really count on people to get the reference. So, here’s a poll.
How many people have heard the phrase “in the olive oil business” as a euphemism/ code for the Mafia?
(And, yes, I know many Italian-Americans don’t find these topics particuarly flatering or funny, but the bit I’m working on really isn’t mean-spirited.)
I’ve never heard that, but then Cleveland isn’t a big Mafia town. The more common one I’ve heard is waste removal or trash removal business, though I know I have the wording wrong.
Never heard it, and I’m from both Chicago and New Jersey (divorced parents). I usually just “The Family” said with raised eyebrows and a ya-know-what-I-mean head tilt. In fact, I married into “The Family” and still haven’t heard it. I’d ask around at Christmas, but I’m afraid my cat might get whacked. 
I’ve never heard it, but I’m not from the US so that might explain it.
I moved to Chicago and married into an Italian family, and I’ve never heard that used as a euphemism for the Mafia, either. When it’s been joked about, I’ve occasionally heard “the construction business” (with a little cough or other indications that’s not really the truth) as an allusion to cement shoes, or just “The Family” or “The Outfit.”
From Baltimore, never heard of it, and I’ve known several people who’ve been “connected”.
I’m not sure that’s a universally understood euphemism. I know that’s what they used as a cover in Godfather but I really haven’t heard it used beyond being a specific reference to the movie. In other words, the person hearing the reference would have to be able to make the connection to the movie. As kittenblue said, waste removal is more common in my experience.
My grandparents came from Italy so I’ve heard a lot of mafia jokes. I’m not offended but I beseech you to be sure that what you do is actually funny. Mafia jokes have become the last refuge of comedy hacks. I don’t mean to imply you’re not a good writer, but the amount of truly unfunny mafia jokes is stunning (see, e.g, the woman from Last Comic Standing who used the tired “my uncle’s in the mafia” schtick.)
I’ve never heard that one. A friend told me that the mob used to own a chain of pizzerias in my area. Supposedly, they used it as a front for drug distribution until the FBI shut them down. I used to know a guy who owned a small flower shop and he definitely had major sources of income that he wasn’t reporting to anyone.
I’ve usually hear it as ‘Imports Olive Oil’ or ‘Imports and Exports Olive Oil’.
Checking in from the Soprano’s hometown–we don’t usually “talk” about it. We just look for everybody’s favorite uncle with the giant pinky ring. 
waves to Draelin, who she’s probably related to by marriage now and doesn’t know it
I probably would not have gotten that reference.
Haj
I never heard of it either…
Da Bronx and Boston–lived in those places for 40 years and never heard it. Although the pizza parlor connection was there.
Brooklyn born and bred, and grew up across the street from a “social club”. Never heard that term.
Never heard it. Like Ferret Herder said, the typical euphemism I hear is that someone is “in construction.” When pressed, such a person might admit to doing “some work for the union.”
I’m pretty sure Michael Corleone saidt o someone his father was in the olive oil business sometime during the course of the Godfather book. Which was true, Vito was one of the owners of Genco (sic) Olive Oil, the legal front for his Mafia empire.
I’d say it’s a Godfather movie reference. The Genco Olive Oil business was Vito Corleone’s storefront business. He uses this as an excuse to get close enough to his father’s murderer to exact revenge. Much later, when Frankie “Five Angels” retracts his statements to the FBI, he specifically says his connection to Michael is that he was " in the olive oil business" with Michael’s father, but that was a long time ago.
Never heard it. Originally from DC (10 years), lived in San Diego for 7 years and have lived in Tucson for about a month.
I haven’t heard the construction industry one either, but that one might make for a good shtick.
I’m from New Jersey as well, and I’ve never heard that before.