Place peppers directly over the burner of a gas stove, or on a hot grill. Cook, turning often, until the skin is blackened and charred. Remove from the heat and place in the paper bag. Allow to cool.
Once cool, peel, stem and seed. Do not rinse the peppers off as you will wash away the flavor. Small bits of charred skin is O.K. Drizzle with olive oil and serve.