The oil does not really become a component of the fuel, it is diluted by the fuel. The oil molecules are separated but still retain their original properties and structure, this is by definition a mixture. If it were to become a component of the fuel the fuel and oil would be forming a new compound with a totaly different molecular structure. This would indicate a chemical reaction when the two are put togather or that it has become an azeotropic mixture. In either case it would not have the same properties of either gas or oil but something else, and wouldn't work as intended.