Boy o boy... you want to open a can of worm on a cycling forum, start a thread about chain lubrication.
White Lightning is a well known chain lubricant for bikes. As a former pro mechanic and moderator of a cycling forum, here is my take on chain lubricants as it might apply to knives...
Edited to add: drawing a connection between bike chains and knives isn't crazy as knives with peened pivot pins are very similar in construction to bike chains. Bike chains are a combination thin inner links with a bushing (like a knife blade) and wider outer links (like a knife frame) which are held together by a peened or press fit pin.
Chain lubricants can roughly be grouped into 2 categories: petroleum based and wax based. There is a third group that deserves mention and almost immediate dismissal and that is solvent based. We'll get to that.
Petroleum based lubricants are great in wet weather conditions and tend not be washed off easily. But, they can attract grit and grime, and the combination of oil and grit has another name - "grinding compound". So, when used in dirty conditions, oil based lubricants can lead to grimy chains and fast chain wear. Certain oil based lubricants can dry out and turn to a hard to remove "gum" if left on a chain (or derailler or gun part) too long. 3 in 1 is particularly bad about gumming up.
Wax based lubes resist dirt but they don't repel water well. They excel in dry dusty climates as the outer layer of wax collects dirt and then sloughs off. New wax can then be added. But in wet environments, they tend to wash away quickly and leave the metal unprotected from rust. White Lightning is among the best of the wax based products that I've used. Somebody is going to mention Boeshield T-9 in a second...
In watching the chain lube holy war wage on countless bike forum for years, my short take away is which is best depends entirely on where you live. If you live in a dry dusty climate (say, the US southwest), wax makes more sense. If you live in wet or humid conditions where rust is a problem, oil is best, but oil requires constant attention to avoid gunk and gum.
If food preparation is involved (for knives, not bike chains), then food grade mineral oil is the only choice that makes sense to me.
Solvent based products like WD-40 are good for cleaning out gunk but are horrible in terms of lubrication. Of the solvent based products, my favorite is CRC 6-56, which is designed for marine environments. More lubrication and better rust prevention, but it's still not true lube.
(FWIW, my favorite chain/bike part lube for wet conditions like we have in Boston is chainsaw bar oil cut with a some naptha. The naptha thins the oil, allows it to penetrate a bit and then bakes off leaving a thick durable oil coating. Wouldn't use that on my knives though.)
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