Clean the jalapenos thoroughly and remove the stems.
Set them aside for now.
In a large, deep, heavy pot, pour in 1/2 cup of oil, ensuring the bottom is well coated.
Heat the oil until it is nearly smoking, then reduce or turn off the heat.
Add the onions, garlic, bell peppers, and carrots to the pot.
Stir just until the onions turn translucent, taking care not to brown any of the vegetables.
Mix in the oregano, bay leaves, and salt, stirring well to combine.
Pour in the vinegar and water, then bring the mixture to a boil, stirring frequently.
Keep boiling and stirring until the salt is fully dissolved, then add the remaining 1 1/2 cups of oil and bring back to a boil.
Stir in the jalapenos and then remove the pot from the heat.
Ladle the mixture into 16-20 hot, sterilized 1-pint jars (or 8-10 1-quart jars), leaving 1 1/2 inches of head space.
Clean the rims of the jars, then seal them tightly.
Allow the jars to cool, then store them in a cool, dry place until ready to use.