Using a can opener, open the can of pitted olives partway. Holding the cover shut to keep the olives inside, drain all of the liquid into a sink. Remove the cover (or pull it back, but don't use your fingers) and empty the olives out into a bowl.
You can skip this step if you want and just go to the next one; it's up to you. Anyway, on a plate or cutting board, begin cutting the olives into small slivers (they will make an "O" shape if you cut them properly). You will want to cut every olive in the can - this may take a little while! Each olive should make 3 or 4 slivers.
Once you're done cutting all the olives, return them to the bowl. Using a dough blender, push down hard on the olives in the bowl to break them up into smaller bits. If you don't have a dough blender, you can use a large fork and press the prongs down against the olives instead. Don't pulverize the olives; you'll still want some pieces with a "C" shape.
Now, add the Extra Virgin Olive Oil and stir the mixture thoroughly, so the oil covers most of the olives.
Once the olives and oil are mixed, add the oregano, crushed red pepper, and garlic powder. Stir thoroughly so as the spices are evenly dispersed.
You're done! Chill the mixture if you wish (it can last a while), or spoon on to freshly cut Italian bread and enjoy!