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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]