Fish technically don't need air; as long as there is oxygen in the water.
Now, the number one way that oxygen gets into water on Earth is from the air being in contact with the water. But fish gills take oxygen from the water. There are many species of fish that never reach the surface. Golfish just happen to sometimes blow bubbles at the surface of the water, but they aren't breathing air.
I can't see the video from work, but is the only thing keeping the hot oil seperate from the water gravity? If so, I can't see how the heat isn't transferring to the water.
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