In large heavy-bottomed pot, heat 2 inches vegetable oil to 360 degrees F. Separate refrigerator biscuits into rounds. Fry rounds 1 to 2 minutes or until golden brown, flipping once.
Transfer to wire rack using slotted spoon; let cool. Fill pastry bag, fitted with small plain tip, with raspberry jam; use tip to poke small hole in side of each donut, then fill centers. Finish with a dusting of powdered sugar, if desired.