Age decreases olive oil's subtle fruity flavor.
Eventually, no matter how carefully you store vegetable oils, they will go rancid. Proper storage delays this natural process. Storing olive oil is particularly important, not only to keep it fresh but to retain its flavor. The volatile oils in olive oil are what give it its flavor. As olive oil ages, the volatile oils that make up its delicate flavor deteriorate and the unpleasant compounds created during the oxidation process (the process of the oil going rancid) come to the foreground. Nutrition declines with age as well. Storing olive oil carefully can preserve its flavor and freshness.
Temperature
Nothing will damage your olive oil like storing it in a hot place. According to The First Press, the newsletter of the University of California Cooperative Extension, the ideal temperature for storing olive oil is 55 to 60 degrees Fahrenheit. A cooler or cellar for wine is the perfect place for your olive oil. At the very least, avoid storing your olive oil over the stove or oven. Avoid storing it in the refrigerator as well. Some of the natural waxes in the oil begin to settle out when the wine gets below 50 degrees. Find a cool, but not cold, place for your oil.
Light
Olive oil contains phenolic compounds, which have antioxidant properties. These antioxidants may be the reason that people in Mediterranean counties, which are known for olive oil consumption, have lower instances of cancer and heart disease. Light destroys these phenols. Light also destroys vitamins, particularly vitamin E. A study published in the August 2004 issue of New Scientist reported that olive oil stored for a year under supermarket lights had 30 percent less vitamin E than oil stored in the dark. Keeping your olive oil in opaque or, at the very least, dark glass helps slow the destruction of phenols. Don't keep your olive oil out on your kitchen counter.
Oxygen
According the the University of California Cooperative Extension, olive oil ideally should not be exposed to oxygen. Commercial olive oil companies pump nitrogen gas into tanks to force out oxygen. You can minimize oxygen exposure by keeping olive oil in tall, thin bottles with narrow necks. Also avoid pouring the oil from one container to another.
How long?
According the the University of California, some oils can be kept for as long as three years without damage. They are, however, rare. Some oils suffer damage after a few months. Others are still fresh, but without their former subtlety of flavor after two years. Avoid buying olive oil in bulk unless you use a lot of it.
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