I work for a company that builds propane tanks, and I'm certified ASME and DOT. I wouldn't worry about the oil getting into it, as much as I would the risk of altering/welding on the tank. The steel itself is pretty thick. But every one of those tanks have to pass through X-Ray, to ensure there's no porosity, slag, undercut, non-fusion ect. There's no way I would fill that tank again, and anyone in there right mind wouldn't do it, as it's been altered. The only thing it's good for now, is maybe a charcoal grill or something!