Olive oil is a wonderful choice when you want to preserve chili pepper for a longer time. First, Clean your peppers thoroughly and dry. Roast the peppers in a broiler or on a grill over medium heat until the skins are bubbly and blackened. Be sure not to overcook. Skin the peppers and cut the flesh into thick strips.
Remove seeds if desired, but keeping the chili pepper innards will retain much of the heat. Add the pepper strips to a cleaned jar. Pour in enough olive oil to cover, and cover with a tightened lid. Be sure to make airtight. Refrigerate immediately.
This method of preservations should keep your chili peppers for a week or longer.