Butter is made from the butterfat of milk, whereas modern margarine is made mainly of refined vegetable oil and water. In some places in the United States, it is colloquially referred to as oleo, short for oleomargarine. In Britain and Australia, it can be referred to colloquially as marge. Margarine consists of a water-in-fat emulsion, with tiny droplets of water dispersed uniformly throughout a fat phase in a stable solid form. In some US jurisdictions, margarine must have a minimum fat content of 80 percent (with a maximum of 16% water) to be labelled as such, the same as butter. Colloquially in the United States, the term margarine is used to describe "non-dairy spreads" with varying fat contents.