Combine basil and olive oil in a blender. Puree the mixture until smooth. In a saucepan, simmer the olive oil and basil puree over medium heat for 45 seconds. Pour the heated mixture through a fine-mesh strainer into a bowl to remove the basil. Let the mixture sit for a few hours. Pour the oil into an airtight jar. (don't include the dark liquid at the bottom of the bowl, which is water mixed with finely ground basil) Use oil as a marinade, condiment, or substitute for herbs when cooking.