Gotta butt in here. The semantic difference is looking at it from a chemical perspective the only difference between oil and fat is the fatty acid molecule length, and oils can be said to be a subset of fats, i.e. fats with a melting point less than room temperature are liquids, usually known as oils.
I got a degree in chemistry so that I could be a web designer and musician... ;-)
Gargoyle, I hope you're kidding about huffing that stuff. I have a better idea than most of exactly what's in there, and it ain't pretty.
Biochem note:
Huffing Carbon Dioxide won't do anything but make you hyperventilate (maybe in extreme cases, pass out.)
Carbon monoxide will kill ya dead dead dead.
OK, that's my over-educated inflated chemistry rant for today.
-MudWeasel