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Oil Storage
Peanut oil should be covered and refrigerated to prevent it from becoming rancid. Peanut oil is more perishable than other oils and must be stored in the refrigerator if kept longer than one month. Peanut oil may even be frozen. The oil will thicken when it is chilled, but will return to its original consistency when reheated. The oil will also develop a cloudy appearance that may remain when brought back to room temperature and will only clear up temporarily while heated. The oil may remain in the refrigerator for several months or until signs of deterioration begin.

Oil Shelf Life
According to the Texas Peanut Producers Board, peanut oil may be used three or four times to fry turkeys before signs of deterioration begin. Such indications include foaming, darkening or smoking excessively, indicating the oil must be discarded. Other signs of deteriorated oil include a rancid smell and/or failure to bubble when food is added.