From The Collaborative International Dictionary of English v.0.48:

Vaseline \Vas"e*line\, n. [Said by the manufacturer to be
   derived from G. wasser water + Gr. 'e`laion olive oil.]
   A yellowish translucent substance, almost odorless and
   tasteless, obtained as a residue in the purification of crude
   petroleum, and consisting essentially of a mixture of several
   of the higher members of the paraffin series. It is used as
   an unguent, and for various purposes in the arts. See the
   Note under Petrolatum. [Written also vaselin.]
   [1913 Webster]
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