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Flaxseed Oil, Olive Oil, and Butter for Low-Temperature Cooking and Baking
As a rule, unrefined oils, dairy products, and animal fats have the lowest smoke points, and are best suited for lower-temperature cooking like baking, simmering, and low-heat pan frying. While unrefined oils are as close to the natural flavor of the oil you can get, that they have all of the free fatty acids and other ingredients that lower the oil's smoke point. This rule extends to full-fat diary products, which have milk solids and other fats in them that break down and burn easily. Here are a few oils in this range best reserved for lower-heat preparation methods, where you actually want to taste the oil or fat you're using:
It's important to note that as you refine these oils, clarify them, or buy higher quality versions that are free of the same impurities or extra fatty acids (that some people would say clarify the flavor and others complain removes it from its natural quality) the smoke point increases. For example, clarified butter, or Ghee, smokes at a whopping 485°F (252°C), making it ideal for high-heat cooking like stir frying and grilling. Photo by Nicholas Humfrey.
Most of your middle of the road oils have applications in low-heat and cold preparations but can also be used on the stove or in the oven. Refined oils—the kind you'll find in most grocery stores—make their way up here, along with some all-purpose oils that you may already have. For example:
Extra Virgin, High-Quality Olive Oil: Smokes at approx 375-400°F/190-204°C
Refined Canola Oil: Smokes at approx 400°F/204°C
Corn Oil: Smokes at 400-450°F/204-232°C
Other refined oils, like Cottonseed oil (420°F/216°C) and Grapeseed Oil (420°F/216°C) are on the leading edge of this category. In general, these are the oils that are the most flexible, which is why they're easily available almost everywhere. Photo by Steven Tom.
Since the level of refinement and the quality of an oil has a huge effect on its smoke point and final flavor, we should note that there's some controversy around the quality of olive oil, especially imported olive oils that are often mixed with oils from different places with different ages, and then labeled "extra virgin" and sold at a premium. Before you buy, check for a harvest date and weed out the fakes. Check out the full UC Davis study (PDF) that blew the lid off of the issue and the brands they tested for more information.
Use Peanut Oil, Avocado Oil, and Ghee for High-Heat Grilling and Deep Frying
The highest-smoke point oils are generally reserved for high-heat frying, brushing on the grill, and deep frying. Some of these are best used because of their high smoke point and their flavor, others are so heavily refined that a high smoke point is pretty much all they have going for them. A few examples:
Depending on your opinion of highly saturated oils, some of these may be your go-to oils or they may be your never-use oils. Regardless, the fact is they're able to withstand the most heat, and often used in situations where extremely high temperatures are required, like broiling, deep frying, stir frying, or other situations where direct contact with flame are required. Keep in mind that some of them—notably peanut oil and avocado oil—impart their own flavors to your dish, so only use them when the taste is complimentary. Photo by Jack Liddon.
Finally, a note about soybean oil—soybean oil's smoke point varies widely based on its level of refinement. Unrefined soy oil can smoke as low as 320°F/160°C and refined soy oil at 350°F/176°C. Almost pure soy bean oil is what's listed here, so remember that when you go shopping if soy oil is a staple in your home.
http://lifehacker.com/5992084/why-you-should-have-more-than-one-oil-in-your-kitchen-and-how-to-choose-the-best-ones