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No one knew about transfats in those days and in fact margarine was prescribed for people with heart problems, so that they would avoid butter.
I think using grapeseed oil (which has a high burning point) and then adding a small amount of clarified butter (ghee) will be a good alternative. The idea for this mix come from Gray Kunz, who is a highly regarded chef (although he was not referring to Creole or Cajun cooking.)
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PP explains in LA Kitchen and on his tv shows he likes it for higher burning point when sauteing his seasonings, then finishes a sauce with a swirl of butter.
Caveat: I find his original heat and salt levels to be way over the top. I cut the cayenne in half in every recipe or homemade spice mix and find it sufficiently piquante.
