“Extra Virgin” status is given only to oil that comes from the first pressing of the olive. The oil is extracted without using heat (cold press method) or chemicals, and has no “off” flavors. The less the oil is handled, the better the oil. If the olive oil meets all the criteria it can be designated “extra virgin.”
Olive oil is one of the healthiest substitutes for any fat used in cooking recipes. Try substituting butter or shortening for olive oil. Olive oil contains more monounsaturated fatty acids than any other fat or oil and is the most easily absorbed edible fat. It also contains no cholesterol and is actually good for maintaining healthy cholesterol levels.
Olive oil should not be refrigerated but should be stored in a cool dark space for up to a year. Heat and light can really shorten its shelf life. Olive oil does not get better with age. Use it or lose it. Extra Virgin olive oil, because of its low acidity, has the lowest chance of going rancid. There is nothing wrong with using olive oil for frying because it is the slowest oil to decompose.