I have a couple of mist coolers for my lathe and my mill, and I want some recommendations for coolants to use. I have used water-soluble oils in the past, but I am not all that fond of them. They do tend to be fairly inexpensive, but the fact is they can promote rusting, especially in areas that are hard to reach. Of course, a good spray of a penetrating oil like WD-40 after one is finished machining can do a good job of driving the water out and preventing rust, but I was thinking, "Why not just use WD-40 instead of a water-soluble oil in the first place?" Depending on the oil / water mix, I can get WD-40 for about the same cost as water-soluble oil. Is there some reason why one shouldn't use an undiluted penetrating oil as a mist coolant? Is there an inexpensive volatile solvent that might be good to dilute the penetrating oil? Is there a less expensive penetrating oil than WD-40 that might work well? What about kerosene, or maybe JP-7?