How long does used peanut oil for a turkey frier last?

Peanut oil can be stored for up to 2 years or longer if stored correctly. It must be stored in an airtight container filled to the very top with as little air inside as possible. Store it in a glass container that is in a cool place with no sunlight at all. A refrigerator would be a perfect place. If it smells rancid or taste funny dispose of it.