A: In a word, no. There are three terms that often have negative connotations that are not necessarily negative: Calories, Fat and Cholesterol. There are good sides to each of them.
Calories: Calories are essential because they give us energy; however, not all calories are created equal. 100 calories from fruit will burn off extremely fast, but 100 calories from saturated fat will take much more work. Olives are a fruit, and the oil from the olive is not nearly as "fattening" as the saturated and trans fats in fast food! The type of calorie is more important than the quantity. For instance, you can remove 500 calories of saturated fat and add 750 calories of fruits and vegetables and still lose weight! We believe that it is not possible to use too much olive oil :)
Fat and Cholesterol: There are two types of Cholesterol, LDL and HDL. LDL is considered "bad" cholesterol and HDL is "good". Having high cholesterol is not necessarily bad if it is high in "good" HDL. Saturated and Trans Fats have the "double whammy" effect of lowering good cholesterol and raising bad cholesterol. This is obviously bad, and should be avoided. Unsaturated fats do not have the negative effect of raising bad cholesterol, but not all are able to maintain good cholesterol. The Monounsaturated fats in olive oil have the opposite effect of Saturated and Trans Fats; they lower bad cholesterol and maintain good cholesterol. This significantly lowers the risk of blockage and heart disease.
There is also evidence to support the fact that Trans fats may raise the risk of Cancer, Diabetes, Obesity, Liver Dysfunction and Infertility.