On the drill press the fist thing you want to do is slow things down. if you are cutting steel at wood speeds you will dull the drill bits quickly. I use 3 in 1 oil, cause I have it around and it works, Most cutting oils have sulfur in them, avoid these if you can, you want 700 rpms or less depending on what you are doing? Carbon steel Stainless?
I have no machinist training, but google it. Speeds for drilling steel etc and you will get reems of info.
When I am drilling hardened steel I slow down the press to 210 RPMs give it a lite drop of 3 in one and take my time drilling. Like anything else there is a sweet spot in applied pressure. You will feel when it's cutting properly.