Heat oven to 375°. In a large skillet, cook bacon over medium heat until cooked but not crisp. Using a slotted spoon, remove to paper towels to drain. Separate the biscuits; cut each biscuit into quarters. In a large bowl combine the cheese, dressing mix, oil and bacon. Place ½ of biscuits in a greased, 10-inch, fluted pan. Sprinkle with ½ of cheese mixture. Top with remaining biscuit pieces and cheese mixture. Bake for 25 to 30 minutes or until golden brown. Cool for 5 minutes before inverting on to a serving plate. Serve immediately. Yields 12 servings.