Magnus Great Question! I have always wondered this. From paperonweb:
“Normally when we look at paper the surrounding medium is air, with an index of refraction only slightly greater than 1.0. The paper fibers have a much higher index of refraction—probably much greater than 1.5.
The fat also has a high index of refraction so that it nearly matches the index of refraction of the paper fibers and it reduces the scattering significantly. The fat adhering to the cellulose fibers lowers the index of refraction of the cellulose and also fills in air voids, so that visible light passes through the bag with significantly less scattering. Now we only see the light that is reflected from the paper and much of the light that was formerly scattered back to our eyes is now transmitted through the paper.
The fat connects the fibers in the paper with a liquid which can transmit by refraction (rather than scatter) light that falls upon it. As a result, the paper (if thin enough) seems almost transparent. ”