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Olives, like most fruit, have a wax coating on their skin. This comes out in the pressing and deposits in the olive oil. As long as the oil is stored above 50 degrees, the wax stays dissolved and you'll never see it. But get the oil cold enough, and the wax will precipitate out and form globules. They'll go away if you put the oil in a warmer place. Formation of the globules is an indication that the oil has not been winterized by the manufacturer and actually will have better flavor. In any case, smell the oil when you open it. If it DOES smell "off" or rancid, return it. Always use your common sense around food. That's why God gave you a nose!

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11y ago
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Q: Why does olive oil create white globules and then up looking like lard?
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