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From The Collaborative International Dictionary of English v.0.48:
Oleomargarine \O`le*o*mar"ga*rine\, n. [L. oleum oil + E. margarine, margarin.] [Written also oleomargarin.] 1. A liquid oil made from animal fats (esp. beef fat) by separating the greater portion of the solid fat or stearin, by crystallization. It is mainly a mixture of olein and palmitin with some little stearin. [archaic] [1913 Webster] 2. An artificial butter made by emulsifying a fatty oil with more or less milk and water; it was formerly made predominantly from animal fats, but now is made predominantly or exclusively from vegetable oils, sometimes mixed with animal fats. [1913 Webster +PJC] Note: Oleomargarine was wrongly so named, as it contains no margarin proper, but olein, palmitin, and stearin, a mixture of palmitin and stearin having formerly been called margarin by mistake. [1913 Webster]