Olive oil is a great oil for cooking.  Strong flavored olive oils can be used for frying fish or other strong flavored ingredients.  A mellow late harvest Mission variety oil could be used in baking a cake.  Olive oil has a high smoke point, 410 degrees F,  and doesn't degrade as quickly as many other oils do with repeated high heating.  Use a variety of healthy vegetable oils when preparing food and incorporate a good extra virgin olive oil when you want its health benefits and wonderful Mediterranean flavor.