A lot of oxygen is dissolved in water – that’s how fish and other aquatic life including plants and algae live. Oxygen (and CO2 and nitrogen) readily dissolve in water, as you can see in carbonated drinks for example, because there’s room between water molecules for gas molecules to sit around. Oils and fats are made of triglycerides which are long organic molecules that are folded in many ways and have a lot of surface areas to “rub against each other” (that’s why oils are viscous and appear thick). That doesn’t leave much room between the molecules for anything, so gas can’t dissolve in it.
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