get_term.php

<?php   
  // Get terms for post
  $terms = get_the_terms( $post->ID , 'oil' );

  // Loop over each item since it's an array
  if ( $terms != null ){
    foreach( $terms as $term ) {
      $term_link = get_term_link( $term, 'oil' );
      // Print the name and URL
      echo '<a href="' . $term_link . '">' . $term->name . '</a>';
      // Get rid of the other data stored in the object, since it's not needed
      unset($term); 
    } 
  } 
?>