I hope you keep a fire extinguisher ready. The only thing olive oil should be used for is salads. Some Italians put it on pizza but it is not a good idea to heat it up.
It's fine. Italians have fried with it forever. We don't use anything else.
I don't deep fry anything. I use it only for pan frying and always keep a lid handy because ot the spatter. Now that I recall, that is what they used for lamps in the Bible, wasn't it? Good point.