From a post that includes all 120 crayon names, codes, and trivia:
The name Crayola was coined by Alice Binney, wife of company founder Edwin, and a former school teacher. She combined the words craie, which is French for chalk, and ola, for oleaginous, because crayons are made from petroleum based paraffin.
I don't remember ever having scribbled with sticks of Manatee or Jazzberry Jam, but I do distinctly recall meticulously practicing my hearts and starts with the dulled point of Carnation Pink.
via Colour Lovers