Peanut oil benefits from refrigeration as well as freezing, according to the Chef's Best website. Storing peanut oil in a refrigerator or freezer--for up to one year--slows the oxidation process and helps peanut oil remain fresh and flavorful. The storage process is easy, but you must be aware of the date you first store your oil. When you are ready to use your peanut oil, simply allow it to thaw naturally; any cloudiness will disappear on its own.
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Strain the oil to remove seeds, nut solids and breading particles, which are common when recycling peanut oil after deep-frying food. Use a strainer or paper towel to strain the oil.
Transfer the peanut oil to a light-resistant plastic container, which is more tempered for cold temperatures than glass and better able to provide the darkness your peanut oil needs. Find light-resistant plastic containers at a home goods store or large retailer.
Top off the light-resistant container with peanut oil to minimize the amount of oxygen in the container. Leave half an inch at the top of the container to accommodate some expansion. According to the O Chef website, "The less access your peanut oil has to the air, the fresher it will stay." Add peanut oil from another bottle, if necessary.
Tighten the top by hand. Rotate the top in a clockwise direction to secure the top and completely seal the peanut oil inside the container.
Apply a dated sticker or label to the front of the container so you know exactly when to retrieve it from the freezer.
Store the peanut oil in your freezer for up to one year.