From an excerpt of research done on why hair goes grey,the reason given by 
the researchers was that at the base of the hair follicle there are two 
glands,one is for H2O2 and the other is pigment.The report didn't exactly say 
what the reason for the H2O2 was.I assumed it was for protection from pathogens 
trying to enter thru the follicle.The pigment gland is obvious.There was no 
mention re oil glands .
    Now the grey hair part,due to age,health insults to the body,etc. this 
pigment gland is not being controlled by another gland and production of colour 
ebbs, so the H2O2 is now bleaching  the hair shaft.
I am trying to do this from memory as my hard drive was corrupted some time ago.

    I used to wonder why too.

Harold