So the New York Times finally agrees with me -- and got on board with frying in olive oil. Today's Dining section discusses at great length that A. Olive oil won't burn at 350 degrees -- a good temp for frying. B. Olive oil frying better for you than oils with chemicals-- like some soy or other vegetable oils.
Olive is more expensive too BTW. AND -- don't use extra virgin, but the grade lower which is regular cooking oil.
And-- it's delicious!
I gave these tips last January as I fried chicken for my son to take back to college!