Lefty
Yank
This site has a load of "cooking myths", discuss your feelings toward these.
http://www.pgacon.com/KitchenMyths.htm
http://www.pgacon.com/KitchenMyths.htm
"You cannot deep-fry in olive oil
Olive oil has a lower smoke point that most other oils and as a result many people think you cannot use it for deep frying. Balderdash! This would be news to many Italians including the famous TV chef Mario Batali. Olive oil's smoke point is about 375of and most frying is done below that. Also, just because an oil smokes a little does not mean it is ruined. Using olive oil for deep frying is undoubtedly expensive. The least expensive olive oil is, in my experience, about twice the cost of other oils that are used for frying such as peanut or canola. Plus you should discard the oil after a single use because the low smoke point means that the oil degrades more during that first use. So, you may never actually want to use olive oil for deep frying, but it is most certainly possible - and can give terrific results for some recipes!."
Well, duh...but I don't wanna spend the extra money to fill up my deep fryer, either.