Coconut oil is stable at high heat, so it can be used in places where less stable fats (like olive oil) shouldn't be used. Deep frying, pan frying, stir frying, sauteeing. It's also solid at "room temperature", so can be used in place of shortening or butter in recipes like biscuits or cakes.Â
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Honestly, other than something like salad dressing, coconut oil can replace just about every other oil in your kitchen, whether you're cooking with it, baking with it or even just seasoning your pans with it.Â
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Unrefined CO does have a bit of a coconutty flavor to it, but in most brands it's very mild, and I've never been able to notice it even if I'm just cooking eggs. If you object to it, you can get refined CO, which has no flavor.Â
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I mix it with lard for deep frying (it's too expensive to use on it's own for deep frying), drop a big spoonful into a pot of oatmeal instead of butter, cook pancakes with it, etc. I keep olive oil on hand just for salad dressings and cold applications, butter for those things I want to taste butter, and use CO for just about everything else.Â