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Same way mountain men and natives did. Use it. Honestly, with no sarcasm intended. Carbon steel won't rot away from a little rust, and things like fish guts, and land animal innards, tends to lend a helping patina.
We fuss about rust and corrosion, but there was alot of knives around long before "rust resistant" knives came to be.
Moose
This doesn't answer your question but, because I don't like to wipe a petroleum product off my knife just before I cut into an apple, I've been using olive oil on my carbon blades without any rust so far.
Mineral oil is also edible, and won't rot like olive oil will. Not a concern about the oil that stays on your blade so much as that which ends up in your sheath. My uncle used to use olive oil for his axes (inside their covers) and boy did those covers ever stink. Lots of good 'ol bacteria in there touching your blade. Mineral oil is scentless, tasteless, colorless, cheap and will never spoil. It might be worth changing over, especially if the blade periodically will contact food.
Isn't mineral oil also good for leather?Mineral oil is also edible, and won't rot like olive oil will. Not a concern about the oil that stays on your blade so much as that which ends up in your sheath. My uncle used to use olive oil for his axes (inside their covers) and boy did those covers ever stink. Lots of good 'ol bacteria in there touching your blade. Mineral oil is scentless, tasteless, colorless, cheap and will never spoil. It might be worth changing over, especially if the blade periodically will contact food.