Olive oil can be a bit expensive compared to other oils and does not have a long shelf life since it goes rancid after 18 to 24 months; 12 to 18 months if it's extra-virgin, per Healthline. But Chef Alex Guarnaschelli has the perfect way of keeping olive oil fresh for a long time.

The “Iron Chef America” star recommends storing olive oil in the fridge and not on or near the stove or oven. Exposure to light will cause the formation of peroxide, which, when decomposes, makes the oil rancid and lose its polyphenols — a micronutrient that accounts for the pungent and slightly bitter taste that is characteristic of fresh, high-quality olive oil (via FiveThirtyEight).

According to Healthline, it is technically safe to eat olive oil that has past its prime, but it will taste musty and vinegary when spoiled. Along with its taste, the oil's health benefits, such as the potency of its antioxidants, will be lost when it starts to spoil.