Whats the difference?

Oil for bearings. Grease for gears.

if its an oil, its for bearings, whether it says reel oil or bearing oil. If its a grease, its for gears.

Grease can also be for drags

Grease can also be for drags

Only use a special "drag grease" for drags, do not use regular grease.

Agreed. Cal's drag grease is my favorite for drag washers

In this service techs opinion

Reel Lube is a losly used genaric term for reel oil's, and, grease.....

Tight Lines All!