Spray a 9-inch square baking pan with oil and set aside.
In a small saucepan, heat oil, peanut butter, juice, and honey on low. Remove from heat and stir in milk powder, wheat germ, raisins, and Cheerios. Be sure to coat all the Cheerios.
Press mixture into pan. It will be sticky, so it helps to wet your hands or use wax paper coated with canola oil spray. Cover with plastic wrap, chill for 35 to 45 minutes, and cut into 16 pieces.