Ron:
Read B9's link. This is an excellent resource to identify the various factors (excetp I didn't notice any mention of UV).
Oil may have been in the ground for millions of years, but it is constantly evolving from dead trees, to peat, to coal and finally into gas and oil. Once it is there as crude, the conditions determine if it becomes, napthenic, parafinnic, ashpaltic, etc. This is with little to no oxygen available.
Once the oil is refined and fractionally distilled (separated into the various fractions), the stuff we make lube oils from is called base oil. If you leave raw base oil out in a plate for a few months, it will "dry up" into varnish and sludge. It is the additives that impart some oxidative stability to the base oil.
The old saw that "oil never wears out" is absolute rubbish. The additive package is designed to be used up, and the base oils need to be protected from the degradation which will naturally occur under the severe conditions of high temp, oxidation, fractioning, cracking and chemical degredation found in an engine. If you ever have the opportunity to recieve used lube oil at a re-refining facility, you would find that as much as 10% comes off the top as water, another 20% can be a light fraction (loosely "diesel") and the bottom 10% is asphalt. Unless you are in the habbit of pouring some pavement into your sump, this stuff represents the degredation products of the base oil and additives. This is why I may recommend extended drains (particularly with full synth) but I cannot support the concept of very long or infinite drain.
Sorry to wander off topic, but it is a hot button with me. Additive drop-out is one concern in storage, as is oxidation and acidification. If you can run oil in an engine for 10,000 miles in a year safely - which is a SEVERE storage condition, then sitting on the shelf in your garage is not going ot materially degrade it in two or three.
Pat