Wikipedia Article About Peanut oil on Wikipedia Clear oil pressed from peanuts; it is used for salads and, because it has a high smoke point, especially prized for frying. Most American peanut oils are mild-flavored, whereas Chinese peanut oils have a distinctive peanut flavor. Peanut oil is about 50 percent monounsaturated and 30 percent polyunsaturated. If stored in a cool, dark place it will keep indefinitely.