Cholesterol Levels - Unlike many other vegetable oils, peanut oil is actually free of any cholesterol, which is one of the major contributing factors to complicated heart conditions such as atherosclerosis, which is basically clogging of the arteries. Since cooking oil is used in many different ways, eliminating this dangerous cholesterol from your body can help prevent a variety of health complications. Furthermore, not only does peanut oil lack cholesterol, it can actually reduce your current levels of cholesterol due to the presence of plant sterols. These phytosterols actually compete for cholesterol absorption in the stomach and gut, which can lower your cholesterol levels by 10-15%!