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Preheat the oven to 400 degrees F (200 degrees C).
Place butter in a microwave-safe bowl and microwave on high until melted, 20 to 30 seconds. Stir in olive oil, garlic powder, salt, and pepper.
Use a fork to poke about 5 holes into each potato. Place each potato on a sheet of aluminum foil about 6 inches wide. Brush butter mixture over potatoes, making sure to evenly coat each one. Wrap up completely in foil. Poke 5 more holes into the wrapped potatoes.
Bake potatoes in the center of the preheated oven until easily pierced with a fork, about 1 hour. Spread leftover butter mixture over potatoes after cutting them open.