2 cup black and/or green olives, pitted, rinsed, and drained ½ cup extra virgin olive oil 2 3.5 inch strips of lemon peel ½ cup lemon juice 4 cloves garlic, sliced 2 teaspoon snipped fresh oregano or 1 teaspoon dried oregano, crushed 1 bay leaf ½ teaspoon crushed red pepper