External car fog

I have oil leaking from around my prop on a 1975 70hp Johnson outboard? - johnson prop

I have the engine running at home, and I noticed that the water in the exhaust odor of petroleum and natural gas. "I saw the back of the black oil residue had to prop them. So I removed my bra and saw what looked like milky oil (eg, blown head gasket was on a car) into the slot. I have no idea what was going on outboard fine, despite smoking like a freight train. ideas?