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That's a great question! No, those are considered essential oils. They are fatty based oils that do have great benefits, but they aren't nearly as potent as essential oils. For example, one drop of peppermint oil is the same as 22 cups of peppermint tea. One drop of olive oil is not the same as one olive.
Lol! I'll have to hook ya up!

No, an essential oil to be more clear is one that is concentrated. Essential Oils are usually made through the process of Distillation or Cold Press. To Distill Oregano Oil for example a glass recipient is used and filled with Oregano, then the water is distilled and extracted out, leaving only very small amounts of oil. I am looking forward to buying myself an Essential Oil Distillation Kit and would recommend everyone to have one at home. I will leave a link here only for reference purposes in case you're interested in buying :) Good luck
http://heartmagic.com/EssentialDistiller.html

Also, both Olive Oil and Cocounut Oil are the best "Carrier Oils" for Essential Oils. Most Essential oils are sold as mixed into a carrier oil (usually when you are buying EO's you will see that they are diluted in a carrier oil such as Olive Oil). If you happen to buy a "Pure" Essential Oil (meaning it is NOT diluted in a carrier oil), it will say 100% ___ Essential Oil. This means you may need to dilute it yourself depending on what you intend to use the oil for because Essential Oils can be very strong and you do not need to take them pure in many cases. If you buy PURE Essential Oil you can make your own diluted version by mixing it with a Carrier Oil. When you do this, you need to make sure to percuss your bottle before you use it because the oils may separate. It is recommended to do 60 percussions before using it.

I hope I am clear if you have any questions feel free to ask

Thanks for all of the information! Love the engagement on this post. And thanks so much for resteeming!
Yes, I'll be writing a post very soon on the importance of purity and choosing when to dilute/know your sources.

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