Originally Posted by CBI_2

It isn't derived from oil.

Cellulose fibers from wood, cotton, hemp, or other sources are dissolved in alkali and carbon disulphide to make a solution called viscose, which is then extruded through a slit into a bath of dilute sulfuric acid and sodium sulfate to reconvert the viscose into cellulose. The film is then passed through several more baths, one to remove sulfur, one to bleach the film, and one to add glycerin to prevent the film from becoming brittle.
A similar process, using a hole (a spinneret) instead of a slit, is used to make a fibre called rayon. Chemically, cellophane, rayon and cellulose are polymers of glucose and contain the chemical elements carbon, hydrogen, and oxygen.

And unless it goes through a waterproofing process it is not air tight.