In a large bowl, whisk the water with the yeast and let stand until foamy, about 5 minutes. Add the flour, the 1 tablespoon of olive oil and the salt and stir until a dough forms. Scrape onto a work surface and knead until smooth, about 5 minutes. Transfer to a large greased bowl. Cover with plastic wrap and let stand in a warm place for 1 hour.
Cut the dough in half and form into 2 balls. Transfer the balls to 2 large greased bowls. Cover with plastic wrap and let stand in a warm place until doubled in bulk, about 5 hours. Punch down the dough before using.
The dough can be refrigerated overnight or frozen for up to 1 month. Let it come to room temperature before using.
"Tipo 0" is the Italian designation for finely ground, high-protein flour; all-purpose flour can be substituted.
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