Olive oil is a godsend for BBQing.
1) Mist veggies when grilling to avoid burning them.
2) Coat any meat to keep it from burning on the outside.
3) Coat fish when BBQing. This negates the use of tin foil. Coat the fish on both sides and wait until it stops sticking to the grill to flip. This takes a little practice to get your timing down. However, you end up with wonderful tasting fish (especially with charcoal).
--edit--
what is flig? changed it to flip. My spelling is uber crappy