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Soyoil is the natural oil extracted from whole soybeans. It is the most widely used oil in the U.S., accounting for more than 75 percent of our total vegetable fats and oils intake. Oil sold in the grocery store under the generic name "vegetable oil" is usually 100 percent soyoil or a blend of soyoil and other oils. Read the label to make certain you're buying soybean oil. Soyoil is cholesterol-free and high in polyunsaturated fat. Soyoil also is used to make margarine and shortening.