In some cases the substitution is not wise. Shortening is solid at room temp. Oil is not. The difference would be in the texture after cooking. Butter and shortening would be almost the same but some foods would be of a heavier texture when cooked with shortening than with oil.
I don't remember where I got this information for substituting oil for butter/margarine, but I use the same measurements to substitute oil for shortening.
Butter/Margarine = Oil
1 tsp - 3/4 tsp
1 tbsp = 2 1/4 tsp
2 tbsp = 1 1/2 tbsp
1/4 cup = 3 tbsp
1/3 cup = 1/4 cup
1/2 cup =1/4 cup + 2 tbsp
2/3 cup = 1/2 cup
3/4 cup = 1/2 cup + 1 tbsp
1 cup = 3/4 cup
Olive oil is the best choice, because it is 77% monounsaturated (the "good" fat)
I never knew there was a 'ratio' in this. I am 68, I used veg oil for everything, amounts the same. A cup of one meant a cup of the other.
1 cup shortening, solid (used in baking) = 1 & 1/8 cup butter. Reduce salt in recipe by 1/2
1 cup shortening, melted = 1 cup cooking oil
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