I use thick car engine oil to prevent my drill press and other metal surfaces from rusting.
A thin layer applied with a piece of cloth is enough.
Quite a few people mention car engine oils, but are never quite specific enough,
for me to run to the local store and pick up a 4 litre doorstop on special that will last ages,
to smother over rust prone gear
There's car engine oils with additives, without additives (detergent free),
synthetic, semi-synthetic, non synthetic,
plain tool oil for air compressor powered tools,
hydraulic oils,
Then there's the thickness/viscosity vibe too, SAE numbers
and other BS/or not BS stuff
written on the labels, that only clued up performance oil junkies may comprehend
The above is just the tip of the lube oils iceberg, there's also industrial and hydraulic and sealed transformer oils too
Because I don't know any better about CHEAP, long term with no ill effect alternative oils,
I just play it safe and stick with light machine oil, air tool oil, some lithium whatnot, and 'does the job for now..' WD40
oh yeah, and vegetable spray for the overworked peeling barbeque
that may get decommissioned and transferred to occasional welding activities dept.
if a new barbie (via dirt cheap scratch n dent clearout sale) ever rocks up in the future