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Even though EVOO is a better source of fat to cook with than butter/lard or other saturated fats, the fact remains that it is still fat. Humans do need a certain amount of fat in their diet, but overuse of EVOO will cause your body to store this fat almost as efficiently as saturated fat. The reason why saturated fat is so much worse than unsaturated is that it sticks in arteries/veins much easier, not because it's stored quicker or more efficiently.

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All olive oils can be used cooking. The differences between extra virgin and extra light are only flavor. Extra virgin has not been filtered of olive flavor, and therefore has the highest flavor concentration. It is generally used for salads, and vegetable flavoring. Extra light is generally used for frying. But this doesn't mean that any of them can't be used for any use.

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Q: What are the bad effects of using extra-virgin olive oil for cooking?
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