Combine all of the ingredients in a heavy, non-aluminum 2 1/2 quart saucepan. Rest a deep fry thermometer on the edge of the pot. Over moderately low heat, bring mixture to a bubbly 225-250 degrees, stirring occasionally. Let simmer AT THIS TEMPERATURE for 15 minutes. Remove from heat and let stand at room temperature until cool (overnight is okay). Scrape the oil and solids into a sterile glass container. Store at cool room temperature.