You're right Mick, they don't like to blend but a good example of a stable emulsion of water and oil is milk. One of the labels associated with milk is "homogenised".
The milk is forced through very fine filters that cause the fat globules to become extremely small and this is enough, in the case of milk, to create a stable emulsion.
But regarding base sauces, it doesn't really matter whether the oil separates unless you intend to skim some off for other uses. For the home cook freezing batches of base the separation is almost a nuisance as you will want to give it a good stir before dividing into smaller containers.
Paul