Catch the drips that form down the sides of the olive oil bottle with this simple, inexpensive solution.
Center the bottom of the bottle on a square of paper towel. Bring the towel up around the sides of the bottle (like you were wrapping a wine bottle as a gift) The paper towel will only come up about halfway up the sides of a small olive oil bottle.
Secure with a thick rubber band - I use the bands that come around broccoli for this.
Replace the towel and rubber band every few months, as the oil will eventually disintegrate the rubber in the rubber band.