Extra virgin olive oil has a lower smoke point and a more delicate flavor, which makes it great as a dressing for salad or bread. Regular olive oil is cheaper and good for sauteeing or grilling, since you'll use at least a few tablespoons most of the time. For deep frying, try canola oil or sunflower or safflower oil. . . Peanut oil is quite good for deep frying, but it is neither the healthiest nor the cheapest choice out there. The fat and calories in frying with any kind of oil can be minimized if you fry at a sufficiently high temperature, which cooks the food while turning its internal moisture into steam. During this phase, very little oil is able to penetrate into the food. However, if the oil cools or the food is overcooked in the oil, then the food will start to soak it up like a sponge.. . Alton Brown has a TV show called Good Eats, in which he discusses frying in detail, along with nearly every phenomenon of cooking.