How to insert large no of excel sheet rows into database table? which is the best method?

Question

Hi,
I have an excel sheet that contains around 30,000 rows and 18 colmns. These no of rows and columns may increase in future.
I need to read all these records from excel sheet and insert into a table in sql database. For reading the excel book I am using Oledbconnections.
The possible solutions I have known as per my knowledge, to insert the data are
1. To insert one record at a time which makes 30,000 database hits.
  -- How will this affect the performance?
2. To use liked servers - bu this is not working for me. So, the only option i have  is the first one.
Could you please suggest any other method considering the performance issues?