I almost exclusively use olive oil when I cook. I'm half-Italian and my ancestors emigrated straight from an olive grove in Campania...This stuff is pretty much in my blood.

Extra virgin olive oil is great for most purposes and provides a rich flavor, especially when paired with garlic. I also keep extra light olive oil around when I need a higher smoke point and a lighter flavor. Extra virgin olive oil has quite a low smoke point, but extra light can handle about the same amount of heat as canola oil.

You can get fairly high quality, imported (yes, it does matter) extra virgin olive oil at my favorite grocer, Trader Joe's, for quite a bit cheaper than at most grocery stores.