The two biggest enemies of an olive oil are light and heat. In order to best preserve a quality extra virgin olive oil, it is crucial to keep your oil stored away in a cool, dark place, preferably in a cabinet away from a heat source, such as a warm stove.
Absolutely! There is a popular misconception in North America that extra virgin olive oil cannot be heated to the temperature needed to fry, yet the smoke point of extra virgin olive oil is 410°F, far above the 350°F that is required for most frying. Frying with olive oil has been standard practice around the Mediterranean for centuries. Try shallow frying small batches of sliced potatoes in extra virgin olive oil and you will be amazed by the results.