Yes, I know what the term means, but many of the liniments and medicines sold during the late 1800s and early 1900s supposedly contained actual snake oil which was intended as a cure-all and healing ingredient. Thing is, my research isn't clear whether there is, or even whether there ever was any such thing as actual, factual snake oil.
That Wikipedia entry was pretty good, though. I hadn't come across that. I think it answers the question.
Still, I did see at least one reference to Pagans selling it. Any Pagans here want to comment on that?