Systems and methods improve the useful life of fry oil by inhibiting or eliminating factors that degrade the oil. A flow of gas in contact with the oil provides efficient cooling of the oil that was heated but is for a temporary period of time not needed to be kept hot. Further, utilizing inert gas for the cooling provides protection of the oil from oxidation. For example, chilled or liquid nitrogen gas introduced into a head space above an oil surface and/or into the oil both cools the oil and protects the oil from oxidation.