Oxygen gas causes rancidity in food products also called oxidative rancidity.
Rancidity refers to the spoilage of food in such a way that it becomes undesirable (and usually unsafe) for consumption.
Oils and fats can be especially susceptible to rancidity because their chemistry can make them exceptionally susceptible to oxygen damage.
During oxidative rancidity, oxygen molecules interact with the structure of the oil and damage its natural structure in a way that can change its taste, its smell, and its safety for consumption.
Oxidative rancidity can be prevented by light-proof and airtight packaging and also by the addition of antioxidants.