Preheat oven to 500F.
Place whole peppers on a sheet pan. Roast for 30-40 minutes, or until the skins are completely wrinkled and the peppers are charred. Turn the peppers twice during roasting.
Remove pan from oven, and immediately cover it tightly with aluminum foil. Set aside for 30 minutes, or until the peppers are cool enough to handle.
Remove the stem from each pepper, and cut them into quarters. Remove the peels and seeds, discard along with the stems.
Either use the roasted red bell peppers immediately, or place the peppers in mason jars along with any of the juices they have collected. Pour olive oil over the peppers. Refrigerate for up to 2 weeks.