Do not use extra virgin olive oil unless you want your kitchen to smell like a salad that gave up. You want an oil with a high smoke point, meaning it can take the heat without turning into a fire hazard.
Peanut oil is the Hollywood star—great flavor, high smoke point, and a little pricey. Canola or vegetable oil is the reliable sidekick that shows up to every party. Fill your pot so the oil is about two to three inches deep. That’s enough for a Chicken Little to swim, but not enough to flood your entire stove when you drop things in.