Pour olive oil into small saucepan and heat on medium-high until very hot but not smoking. Peel then slice shallot crossways, separate rings, and drop into the oil individually so they're not clumped together. Fry until brown then remove from oil and drain on a paper towel. You may have to do it in two batches. Once shallots are done, remove the oil from heat and place in fridge to cool off.