You may be surprised to discover that most olive oil is not even edible after production. Declared "unsuitable for human consumption" it must be refined much like crude petroleum! In fact, most oils (not just olive) are inedible oils which are high-heat refined, including Canola and "Vegetable" oils.
"Virgin" simply means the olive oil is edible without the need of further treatment or the use of chemicals for extraction. But for olive oil lovers, edible is not enough! We want delicious olive oil. "Extra Virgin" olive oil is edible olive oil with "perfect flavor".
There are many requirements for the Extra Virgin classification including Cold Pressing, low Free-Fatty Acid and what's called "perfect flavor". However, Extra Virgin simply means the olive oil is delicious "right out of the press". All of the natural flavor and health benefits are retained in Extra Virgin Olive Oil!
As you might imagine, there are olive oils that do not meet the healthy and delicious standards of Extra Virgin. Pay close attention to terms like "Pure" and "Extra Light" which were "unsuitable for human consumption", then extreme-heat refined, and do not have the flavor or health benefits of Extra Virgin Olive Oil.