I do not use it as a laxative, but remember as a kid my mother giving it to me, so I know it will not kill humans. The toxic effect of some 'oils' is why I use mineral oil and not fancy gun/knife oils. I know of no other better preservating option?

If someone does please share it with us.
Preservative
Since it does not absorb atmospheric moisture, mineral oil is useful as a protective coating or bath for water-sensitive materials. Alkali metals like lithium are often submerged in mineral oil for storage or transportation.
Mineral oil is also often used as a coating on metal tools and weapons, knives in particular, as a way to inhibit oxidation. Nihonto, for example, are traditionally coated in Choji oil which consists of 99% mineral oil and 1% oil of cloves. The use of oil of cloves is sometimes explained as a means of differentiating sword oil from cooking oil to prevent accidental ingestion, but may also be purely aesthetic. Mineral oil can be used as a leather conditioner as well, though most shoe polishes use naphtha, lanolin, turpentine and Carnauba wax instead. It can also be used as a wood preservative. A light coating of mineral oil, rubbed into well-sanded wood, provides an easy-to-apply and relatively durable finish, without the odor or drying time (or toxicity) of varnish or urethane.
Food preparation
Mineral oil's ability to prevent water absorption, combined with its lack of flavor and odor, make it a popular preservative for wooden cutting boards and utensils. Rubbing a small amount of mineral oil into a wooden cutting board periodically will prevent absorption of food odors and ease cleaning, as well as maintaining the integrity of the wood, which is otherwise subjected to repeated wetting and drying in the course of use. It is occasionally used in the food industry (particularly for candy). In this application, it is typically used for the glossy effect it produces, and to prevent the candy pieces from adhering to each other. It has been discouraged for use in children's foods, though it is still found in many candies, including the popular movie theater treat Swedish Fish.[4] It can be used as a release agent for baking pans and trays, but food oils like vegetable oil are a more popular choice.
Cleaning
Mineral oil can be used to clean heavier oil stains by diluting and liquefying the other oils, rendering the oils more accessible to detergents. Likewise, it can be employed to "de-gum," to remove adhesive residue left by price tags or adhesive tape. It can be used as a cleaner and solvent for inks in fine art printmaking as well as in oil painting, though turpentine is more often used.
Mineral oil is also used in some guitar string cleaners, since it can help mobilize dirt and oil without contributing to the oxidization of the metal strings. Mineral oil can leave a residue, which is undesirable in some applications.
http://en.wikipedia.org/wiki/Mineral_oil