They lied to you and they did it perfectly legally.

Pam Cooking Spray is made with pure oil which is concentrated fat and calories, so how did they get rid of the fat and calories on the label?

Well, the FDA helped Pam out.  By FDA labeling standards which is available to the world from our tax payer paid FDA website, if something is less than 0.5 grams per serving, then the product can "claim" that it's not there.  But it is there, because 0.5 grams is something and very few of us actually use the recommended serving size,  and in the case of Pam Cooking Spray, it is impossible to use only the recommended serving unless you are a super ninja. 
Are you a super ninja?

To give you a perspective, 0.5 grams of this spray is about the size of a molecule.

A serving size for Pam Cooking spray is 1/3 of a second of spraying time.  You read that right.  Again, only a super ninja can do something 1/3 of a second!  Don't you find it odd that this can has 702 servings?  Did you notice?

And let’s be honest, when we get those cans in our hands we turn into graffiti artists, coating the surface until it shines!

Actually Pam is not totally lying - whatever that means. It says boldly on the front of the can, Original Canola oil cooking spray.
Just under that it says for fat free cooking? That’s impossible right?  How can Canola oil be fat free? How can any oil be fat free?

They simply depend on an un-informed populous that’s been conditioned to think fat free. If you’ve got a couple million dollars for lawyers and a lot of time, say a few years, sue them for false or misleading advertising. Good luck. If for some strange reason you’ve been convinced that Canola oil is good for you, buy a bottle and poor a little in your pan and brush it around. Much cheaper.

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More deception 

It's not only this product - It's all over the place in the super markets

Where are our elected politicians in Washington?

Aren't they supposed to protect we the people?
Why is this type of BS allowed? $$