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1. 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.
2. 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.