1) Oxidation is defined as the interaction of oxygen molecules with all the different substances from metal to living tissue which may come into contact with it.
2) When fats and oils are oxidized they became rancid. Their smell and taste changes.
3) Keeping food in air tight containers helps to slow down oxidation process.
4) So, chips like substance manufactures usually flush bags of chips with gas such as nitrogen to prevent the chips from getting oxidized.