The bottom line is that everyone will always have their own personal preferrence which types of oil they use, but why not use one that's cheap and relatively healthy for you?
Canola is the marketing name for oil that is obtained from rapeseeds. Bright yellow rape crops can be spotted in fields in many parts of Europe and North America. The oil is popular in Japan, China, and India and it is the most widely used oil in Canada. It is also popular in the northern United States and is gaining popularity throughout the remainder of the country.
Canola oil is also known as LEAR oil, or "Low Erucic Acid Rapeseed" oil. It has the lowest level of saturated fat of any edible oil and has one of the highest levels of heart-healthy monounsaturated fat. It also contains a high level of omega-3 fatty acids, which is a polyunsaturated fat that helps to decrease the risk of heart disease and lowers blood pressure. Because it is mildly flavored and inexpensively priced, canola oil is an excellent choice for cooking or baking, or as an ingredient for salad dressings.
The only Peanut Oil I use are the ones that are strongly flavored and scented, but I learned something new as well about domestic peanut oils:
In the United States, the oil obtained from peanuts is almost clear and has a mild flavor due to the refining process that is used. The Chinese version has more of a peanut taste and aroma. Refined peanut oil has a high smoke point so it is an excellent choice for sautéing and frying. It does not absorb or transfer flavors from food during the cooking process. It is also high in monounsaturated and polyunsaturated fats, which makes it a healthy oil to use for cooking or as a base for dressings. It will keep for long periods if stored in its original container in a cool, dark place. Peanut oil is also known as groundnut oil and it should be remembered that its use in cooking might cause severe illness in people allergic to peanuts.
Vegetable oil usually consists of a highly refined blend of various oils such as soybean, corn, and sunflower or it may consist of only one type of oil. The label may or may not list the types of oil contained within the blend, so the consumer will often never know exactly what they are purchasing. The refining process usually results in oil that has a high smoke point and a color ranging from almost clear to golden yellow, but with very little taste or aroma. This makes vegetable oil a good all-purpose oil for sautéing, frying, and baking, but it should not be used as a condiment.