In a large cooking pot over medium heat, heat the olive oil for 1 1/2 minutes.
Add the jalapeño wheels to the oil, and continue to heat the olive oil with the jalapeño wheels for another minute. Move the jalapeño wheels every 15 to seconds to allow the jalapeño oils to meld into the olive oil.
Add the popcorn kernels to the oil and cover the cooking pot. Cook for approximately 5 minutes (or until the popcorn popping slows). Shake the pot occasionally as the popcorn pops.
Remove the cover and add salt to taste, shaking the popcorn to allow the salt to spread.
Pour the popcorn into bowls. Sprinkle the popcorn with jalapeño powder (optional) for additional spiciness. Serve.