Actually water is dihydrogen monoxide (H2O). What you described is HO2, which is a peroxide ion. (Sorry, I'm a chemist and had to fix this.)

Anyway, chemophobia is a bad thing. The problem is the scientific illiteracy. I know there are a lot of $5 words on food labels. If you were to describe each and every organic molecule found in your basic banana by its official name it would look even worse!