Originally Posted by KitchenChemProf

This is partly correct. Truffles themselves may not be oil soluble but the aromatics in truffles would be (and infused oils rely on this). Still, "Truffle oil" typically has artificial/synthetic flavor compounds and is overpowering (to be precise: yuck). This is quite (or should be) well known.
Here's a nice article (also from NYT) dating back to 2007: Hocus-Pocus, and a Beaker of Truffles