Amusingly, snake oil is actually a very healthy substance to consume. Its got lots of vitamins, minerals and fatty acids that help a person keep on ticking. Especially used an arthritic relief.
The 'snake oil == bad' thing came because quacks in the old west were selling random lotions and curatives to heal everything. Mostly bogus.
Their biggest competitor were the chinese immigrants, selling snake oil as an arthritis relief and general pick me up, which it will function reasonably well as. They started the 'that's snake oil' propaganda, which has carried on till this day.
So, snake oil is good, Cold Fusion is bogus. The world is put to right.