there is a few differant things that can happen
pure oxygen with a flammable can cause spontaneous combustion in the right conditions and..
you don't want that oil in your gauges and oxygen lines
glen's right too,
ever tryed holding back air from a reg air compressor. it will get hot fast if you let a little air escape say at even 50 psi and then think about over 1000 psi..
if the oil ignites inside somewhere and conditions are right..
oxygen, fuel, heat, ( compression < boom factor) think about a cly in a gas engine, you have controlled explosions going off each time a cly fires.. think of the power, this from compression, if to low a compression you just have a poof and this with just air..
, if this happens in an oxygen line what's stopping it from blowing up..not the rubber line..there's more too it but that the jest of it..
you don't have to worry about this on the acetylene side, in the winter the gas companies routinely put oil in the upper part of the valve to keep water from freezing in them( acetylene tank valve) .. the oxygen tank has a cap to help protect the valve from braking if pounded some how and it's a horizonal inlet to keep water out until you hook the gauges and valves up..
I keep mine in a cart, and yes chained in....

a little knowledge and common sense go a long way..