James 5:14, 15 - "Is any sick among you? let him call for the elders of the church; and let them pray over him, anointing him with oil in the name of the Lord: And the prayer of faith shall save the sick, and the Lord shall raise him up..."
A quite popular interpretation among Baptists is that the oil here in James 5 refers to using medicine in conjunction with prayer. I see this as a pragmatic and possibly fright-driven interpretation -- because of faith healers and charismatics we flee to the opposite extreme.
I do not believe the oil here is application of medicine because: (1) it would make physicians of the elders; (2) it would recommend oil as a universal remedy for sicknesses; (3) it is the prayer, not the oil, that is credited with healing power; and (4) it is the Lord, not the oil, that raises the sick from his bed.
If so, how would this be practiced? James is not turning the church gathering into a charismatic healing meeting. "Let them call." If a believer calls for the elders, then the elders go and anoint with oil and pray over him/her. The symbolism of oil in the Bible is associated with the Holy Spirit and also setting apart.
What think ye?