When my husband was alive, we were heavy into prepping, particularly for the year 2000 (remember that?) - we had one years' supply of everything, including water. Then we saw that we didn't need it and gave a lot to our food bank. Then the 2012 fiasco started us prepping again in 2011. Another year's worth of food. He passed in 2013 and I was left with all this food, etc. So I gave a lot of it away. Will never prep again! Will just take one day at a time and if God wants me to go, then so be it. Too much stress. So now, I just buy what I need for a week's worth. I do have staples like peanut butter, sardines, tuna, canned beans, and salmon that last for a long time that I could always fall back on if needed.
Edited: Forgot to tell you about the olive oil - we had a big case of organic virgin olive oil in 1 liter bottles. They last a LONG time if stored in the dark cool place. I was still using some recently (since 2013). I do the smell/taste test first, and out of all the bottles maybe (30) one was rancid.