Heat ¼ cup of the oil in a saucepan over medium heat. Add the chile peppers, cooking and stirring until they gently start to sizzle. This will only take about 1 minute. If they brown, then you have gone too far and will need to start over. Remove from heat and add the remaining ¾ cup of oil to the pan. Let sit overnight, then strain if you like. We keep the pieces of chile pepper in the oil and store in an airtight container, shaking the bottle to disperse the chiles before using. The oil is also wonderful over a fried egg in the morning.