Linseed oil

[Stephen Shepherd]

consider using 30 weight motor oil, even cheaper still used motor oil and if you are on a real budget and live near the Gulf, just dip them in the ocean.

Stephen

[Dan Andrews]

Nice Stephen, real nice!

I use motor oil on wood blocks I store my many various sets of drill bit in. I find motor oil too thick and messy to handle on tools such as hand drills and planes though. I use past wax on planes and saws, and light machine oil on hand drills. I also use BLO or teak oil on wooden tool handles that are not varnished. Works well for me, though I am always hoping to learn new and better ways of doing things.

[Wes Harper]

As Mr. Shepherd said, the important thing is to wipe off all of the excess.
Another factor you might consider is how often you expect to handle/use the tool. For longer term storage, I would consider Boeshield or even a cosmoline type product. When I have used 3n1 oil or a light machine oil (10w-20w), I have found traces of rust that found its way through the oil.
If you will be using the tool once a week-once a month, I think BLO is fine. Consider using Penetrol, it's a paint additive for oil paint (not unlike BLO used to be recommended for).

[John alder]

Try using Rem Oil by Remington its sold in sporting goods or gun shops.Comes in a spray can.When I used to shoot I used it to coat my rifles keeping them moisture free.Not too cheap but goes a long way.John

[george wilson]

I'd never want to have non drying oil soaked into my wooden tools,so that every time I used them I'd get oil on my hands and on my wood. Used motor oil is absolutely filthy.

[David Weaver]

yeah, I made the blog somehow

Mineral oil being referred to as a joke because it's used in some laxatives? Really? Someone should tell the Japanese folks using it on extremely expensive handmade swords that it should be laughed off. I recall the first time I asked why more people weren't using light mineral oil, and a couple of people told me it was hygroscopic and would encourage rust

30 wt oil is about the same price as mineral oil. mineral oil can also be wiped off - without a requirement that you eat it along the way. Presumably anyone even using camelia oil does before they use a tool that has been oiled for storage.

The only acceptable use I've seen for motor oil is long-term storage in an environment where there will be no protection from rust. Knowing what we know now about absorbption, i'm not sure why anyone would want to have their hands on it more than they need to, especially if it is used.

[george wilson]

Probably not the best thing for arthritis,either. That oil will sink all the way down to your bones. The same way that hair dye is found on the brains of women who dye their hair. who knows if that's good for you. At least when linseed oil is dried on your wooden planes,it won't get into your skin each time you use the plane.

I'll save the non drying oil for my metal working machinery where I don't get it on my hands.

[Frank Drew]

My advice is to keep your tools stored away in wooden boxes/tool chests ...

This has given me the best results, too; the one time I had significant rust issues in my shop, the tools isolated in drawers and cabinets were basically unaffected.

[george wilson]

Machinists used to put lumps of camphor in their closed tool boxes. The lumps slowly disappeared,leaving the air in the toolbox full of camphor. The tools never rusted as long as the camphor was in the box.

I don't know if you can still get lumps of camphor. So many useful things have vanished from the drug store's offerings. Maybe they could get it for you.