“Rancid.” Even the word sounds gross. Or at the very least, like a super-angry punk band. Either way, it’s definitely not how you’d want anyone to describe the food you’re eating. The first step to side-stepping rancidity? Know your enemy.
Don’t start putting your olive oil in the fridge – it will solidify, and then you can’t use it. Just keep it away from direct heat, keep it sealed, and away from light. As long as you go through it at a reasonable rate, you should be okay.