Snake Oil is a term that scientists, doctors, and laypeople often use to describe a medical product of doubtful value, or else, and out and out scam.
That being said, since snake oil is a term tossed around by people who believe in rigorous scientific testing, has anyone ever done any real research on the properties of Snake Oil? Has anyone ever done any double blind studies comparing snake oil to a placebo? Has anyone ever theorized on the mode of action and pharmokinesis of snake oil? Have ld50 studies been done? What is the chemical composition of snake oil? What is the therapeutic margin of snake oil?
Until these questions have been answered, it may be best to replace the phrase "snake oil" with a better word to describe a product of doubtful safety and effectiveness. Perhaps acetaminophen would work.