Gently place eggs in single layer in large saucepan. Add enough cold water to cover eggs by 1 inch. Cover. Bring just to boil on high heat. Remove from heat. Let stand 12 minutes. (Adjust time up or down by 3 minutes for each size larger or smaller)
Pour off hot water and rapidly cool eggs by running them under cold water (or place in ice water) until completely cooled.
Mix 1/4 cup boiling water, 1 teaspoon vinegar, 1/8 teaspoon oil and 4 to 8 drops food color in shallow bowl. Repeat if second color is desired. Make sure to agitate mixture with fork or small whisk so oil droplets are small. Gently roll egg in one color for 30 seconds or until the egg is the desired shade. Transfer the egg to second color and repeat the process. Use a slotted spoon, wire egg holder or tongs to add and remove eggs from dye. Allow eggs to dry. Wipe away excess oil with a paper towel.