BOGUS!!!
Food oils will not go rancid this way!
I have a pitcher of olive oil on my kitchen counter and while I use it regularly for food, it's a damn big container. Never goes bad. Consider how much oil you're really going to drop into the joint of any knife and tell me whether you honestly believe it's gonna go bad in your pocket. It's not like you're putting a jar of mayonnaise in your pants and leaving them out for a summer weekend! And who keeps food oils in their refrigerator? You keep them in the pantry, under the sink, or on the counter.
I use a small drop of olive oil, maybe not even a cc, in the joint of any folder applied with a toothpick or a bamboo skewer, whichever is handy, and I don't end up smelling like a gun cleaning kit. If you use old fry oil, you could end up smelling like a French fry, though.
Zieg