I chose grapeseed oil for a few of the reasons above. I don't really like using canola oil in general, so I keep grapeseed oil on hand because of it's high smoke point, so I chose to use it here, although you could definitely use a light olive oil too.
This link is very clear about the differences of oils and fats in general. Though it's quite technical, it's well worth deciphering, and it may give you new insights to grapeseed oil.
Many people feel that canola oil is not the healthiest choice because it is highly processed and very commercial. Grapeseed oil is also neutral in flavor and can be found as an organic product.
Organically grown canola oil is also available. All processed agricultural products have problems, with the probable exception of olive oil that is made by traditional methods (from a source that tells the truth).
The biggest difference between grapeseed oil and olive oil is that grapeseed has a lower smoke point. Its main value is for frying. And yes it tastes completely different.
Thanks! Canola oil it is. As a follow-up question, if grapeseed oil is neutral in flavor, I wonder if the reason for opting for it is nutritional? (As you can guess, I've never used it.)
Grapeseed is high in monosaturates, iirc, you can google around and find the info. Although you aren't frying, it is GREAT for frying as it won't smoke at normal temps and smoking oil is extremely unhealthy. Costco sells a large container for a reasonable/affordable price, I've found.
Grapeseed is neutral in flavor, where olive oil is strong in flavor, so a better sub is vegetable oil or canola oil. However, olive oil will work fine, as long as you don't mind the flavor in a muffin.
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http://www.rense.com/general85/grapeseed.htm