Olive oil is superior to most oils out there, but it is not the best as many people believe to be. The whole reason behind olive oil's popularity is because of the media's shenanigans about the Mediterranean diet. However, not only is the true Mediterranean diet using much higher quality olive oil than the average american, but it is consumed in high amounts raw on salads and vegetables.
For cooking, you are better off using tallow, grass fed butter, coconut, ghee. For raw use such as salads, macadamia is probably a better option, as it is higher in mono, higher in o-3, and lower in o-6. Tim ferris suggests macadamia over olive in the 4 hour body. Macadamia oil makes a hella good mayo too.
The reason canola is mentioned is because of its high omega 3 content. However, if you compare omega 3-6 ratio, canola isnt good as it is high in omega 6.
i use it a lot. i love it. i put it on already cooked veggies, i drizzle it on roasted chicken sometimes after infusing it with chile peppers, i dont cook in the skillet with it but on occasion (ill turn in my paleo card at the door) i even use it to oven roast my veggies. horror! i make my mayo with it and of course drizzle it on salads. i love olive oil. for sauteing and generally for cooking and especially for searing i use pastured pork lard and ghee, primarily. sometimes butter and sometimes bacon fat.
As little as possible. Only on salads, never to cook with. My cafeteria at work has a decanter of "olive oil" that I just found out is an olive oil "blend" (probably soy/canola) - so watch out for that. Ken Steakhouse "olive oil" dressing has olive oil as the 2nd or 3rd oil listed (yuck!).
This is what turned me off to olive oil:
I wouldn't trust any olive oil in the store unless it was a trusted artisan company or from a local farm/farmers market. It came out a bit ago that lots of olive oil in the store is tainted with soy and canola oil, especially the cheaper brands.
Used to eat it almost every day with my salads. I only eat very little raw veggies now (which GREATLY improved my digestion :)) so I basically have no use for olive oil anymore. For cooking I only use butter and coconut oil, which taste better than olive oil (to me at least ;))
I haven't had any in about 3 months.
I keep a bottle around though for tossing a salad if company comes over. I'll consume it on a salad at a restaurant, thats about it.
If the only veg oils you consume are olive oil and coconut oil, maybe palm oil and/or mac oil, i don't see it being a huge issue.
If there's anything that I've been wearing out is the EVOO! Cook meat and veggies with it and it also goes in my raw veggies. I know that the 3 to 6 ratio isn't fantastic but I supplement my 3's with a seaweed extract called NutraVege. I've also started to use canola oil (it has best ratio) and roasted walnut oil (bestes ratio!).
I've been using it fairly often recently. I'm going VLC for a few weeks (for vanity reasons) and I'm allergic to most dairy and need to keep my protein intake relatively low (for stomach related reasons). So I've been supplementing with my carlsons and eating more grassfed ghee than usual.
I normally mix it in to things I've already made. I like to top my eggs with some evoo, and mix it into tuna salad. I throw some on top of grilled veggies. Mmmmm....
Living in Spain, we are able to purchase the ecological organic cold-pressed kind, store it in a dark place and use it only raw on salads. Cooking is done with butter, coconut oil and fat left in the pan from cooking meat.
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