Olive oil

So I bought some olive oil from the import store. I was just excited to find some here. It's called Olive Pomace Oil. I looked up the name online because it had a bit of a different flavor than what I'm used so I was curious.

This is what the internet said:

This is the lowest grade of olive oil made and should not even be considered olive oil. It is the kind used to make soap and industrial products!

What?!?! And I've been putting this in my body, making food from it and salad dressing and what not! Awful! I'm sure the Chinese have no idea what they're selling. I had no idea what I was buying! But everyone has been successfully warned now!