snip

Is there any difference between the yellow gas and white teflon plumbing
tape?

Yes. Yellow teflon tape is designed not to be broken down by petroleum
products. White tape will break down in the presence of petroluem
products.

This is incorrect. White Teflon tape will not break down with
petroleum products. It's Teflon!

Begin of quoted info:

TEFLON TAPE:

When PTFE (Teflon) tape first became available they only made it in
the common single density type, which we commonly find in the hardware
and home supply stores. Later they began making a double density
version, which was twice as thick. Many state and local codes then
adopted the double density type as mandatory when making connections
for natural gas however since both products were the same color
(white) it was difficult for inspectors to be sure which product had
been used. PTFE tape is now made in numerous varieties and they have
issued a color standard to determine which type should be used.

WHITE-Single density- should only be used on NPT threads up to 3/8
inch.
YELLOW- Double Density- yellow double density is often labeled as "Gas
type"
RED-Triple Density: (Note-the container is red but the tape itself
appears as a pale pink color). Presently required on all joints ½"
diameter or greater.
GREEN- Oil Free PTFE tape- Required for use on all lines conveying
oxygen (I.E. –medical oxygen or welding oxygen lines).
COPPER COLOR- contains granules of copper and is to be used as a
thread lubricant but is not approved as a thread sealant. (Generally
it is used as a thread lubricant on bolts or pipe threads for
mechanical applications where no physical seal is required.)

PTFE tape is only approved as a thread seal when applied correctly. To
apply you begin at the end of the pipe and wrap the tape under tension
in the direction of the thread turns. Each successive layer should
overlap the previous layer by ½ to 2/3 and continue wrapping until the
entire threaded portion of the pipe is covered. (Minimum of 3 full
turns).