What to do with orange peels?

Oranges are plentiful now and not so expensive. I was able to buy a good variety that smelled so good and tasted quite sweet. I just thought it was a waste to throw the peels...so I googled on how to extract orange oil from it.

Step one says: Put the peel in a warm dry place (such as in a sunny window ledge) to dry. Since the sun didn't shine, and it was even stormy this week I also put the peels on the stove just to warm it up a bit, then I just let it air dry for two days.

Step two says: Grate the peels with a grater or grind them in a grinder, blender or food processor after they are dry. I grated the peels manually, and the leftover bits, I chopped finely.

Step three says: Put the ground peel into a glass jar. Add enough alcohol (grain alcohol or vodka, for instance) to cover the peel. Cover the jar tightly with the lid. I used Ethyl alcohol, but I made a mistake since it has some fragrance...that overpowers the orange scent.

Now I'll wait a couple more days for the last two steps to get the orange oil :p