Place olives in a self-sealing plastic bag set in a bowl. For marinade, in a bowl stir together olive oil, lemon peel, lemon juice, oregano, and crushed red pepper. Pour over olives; seal bag. Marinate in the refrigerator for 4 to 24 hours, turning bag occasionally.
To serve, let olives stand at room temperature for 30 minutes. Drain and serve. If desired, garnish olives with curled strips of lemon peel. Makes 56 servings.