Hey Rainee, I've always wanted to give this a shot, but I've hauled up short at reading your comment it "must be peanut oil"...could you not use safflower, canola or sunflower oil, that all can accept a good high heat (and not kill those kids with peanut allergies?)
Isn't that its "just oil", but cannot have a burning temp below the target temperature?
(And I'd certainly agree, you MUST toss the oil after use!)