It should be stored in a cool-dark place. Your cupboard is just fine. 

You're overlooking an important distinction in the Cook's Illustrated snippet: their oil is used. Used oil is already damaged by the high temperatures required for frying, this greatly shortens its shelf life and makes it much more prone to rancidity. Storage of used cooking oil is covered in other questions here:

* [Frying oil reuse](https://cooking.stackexchange.com/questions/3014/frying-oil-reuse)
* [How to keep deep frying oil usable?](https://cooking.stackexchange.com/questions/6419/how-to-keep-my-deep-frying-oil-usable-as-long-as-possible)

For peanut oil specifically, the shelf life is [two years if unopened](http://stilltasty.com/fooditems/index/17804) and [one year if opened](http://stilltasty.com/fooditems/index/17803).

I have a nearly empty 10-14 month old bottle of peanut oil in my cupboard right now. I used it last night, and it showed no signs of rancidity.