One of the biggest reasons we choose to use expeller pressed organic coconut oil for our "oils" is because of it's nearly indefinite shelf life. (we get ours from Tropical Traditions).
The oils have a tendency to kind of "look funny' after awhile sometimes - it seems to me that it must be the different herbal extracts clumping somehow clumping together. If/when that happens, I just run the jar under hot water and shake it up, and it seems to go right back to 'normal'.
As far as "rancid"? You'd KNOW if it were rancid; it'd be VERY odoriferous (in a VERY unpleasant way) when you open the jar.
Refrigeration is not required, but if you wanted to refrigerate it, it won't hurt the oil or the herbs.