What is meant by the Best if Used By Date on the container of Olive Oil? Is this an actual expiration date?

The date is read Month, Day and Year. (Example: May 12, 04). This is the date that assures the product is optimum and consistent quality. It will generally maintain good quality for several months after that date. Your best guide to freshness is simply to smell and taste the product. (Note the recommended storage time for each variety: Classico, and Extra Light - 20 months. Extra Virgin - (all types) 17 months).