Get in the habit of not using teflon tape on anything except for water pipe. Then you'll never do something stupid and use it where it shouldn't be used which is everywhere else. Teflon tape is spectacular at plugging really small holes and causing really expensive damage. It may have been here or maybe on another board but someone posted about teflon tape taking down an entire assembly line.
Like Wyreth I like rectorseal 5. Another member looked into it and it's diesel rated. Actually it's rated for all these things.
RectorSeal® No. 5® is recommended for pipe carrying:
Acids, Dilute Gasohol (unleaded Gasoline and 10% Alcohol) Natural Gas
Air, Compressed Heating oils Nitrogen, Gaseous
Ammonia- Gaseous, Liquid Helium, Gaseous Petroleum Solvents
Aliphatic Solvents Hydraulic Oils Soap, Liquid
Caustic, Dilute Hydrogen, Gaseous Steam
Cutting Oils (Low Aromatic) Inert Gases Vegetable Oils
Diesel Fuel Oil Kerosene Water (Hot or Cold)
Freons Liquified Petroleum Gases (Butane, Propane, Mixtures)
Gasoline (Leaded Unleaded) Mineral oils
Not recommended for oxygen.