What about baby oil? I'm looking at a bottle now and the 2 ingredients are mineral oil and fragrance. You can get a big bottle for under $5, and you don't have to worry about rinsing it off before you use it.
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Lots of people use mineral oil (generic baby oil at the WalMart pharmacy) I've used it before.
I've also used WD 40 and those "TufCloths" which work quite well.
Best thing I do, however, is simply getting the razor really really dry when I'm done shaving-seems to work pretty well.
John P.
Baby oil is quite a bit more expensive than sewing machine oil, and is not made to protect metal.
20 fl oz of Johnson's baby oil on Amazon is over $15.00.
32 fl oz of Sew-Rite sewing machine oil is $9.95.
Some mineral oils are as low as i $4.00 for 16 oz, so a little cheaper than sewing machine oil, but neither mineral oil or baby oil are formulated for protecting metal, as sewing machine oil is.
This is what I use: dry towel.
The trouble with oils made for use on the human skin is that they are often low pH (=acid). I am not sure what acid does to celluloid but I do know acid is big trouble on carbon steel. That's why we have acid free vaseline in this country as a lubricant for bicycles.
1st I try to keep it dry, 2nd if it has got wet I wrap the pivot area in a towel and open and close the razor a 5-10 times while keeping it wrapped in the towel. Every time you do that some of the water will become exposed to the towel if you like. Eventually it is dry enough. I find that a minimal amount of water evaporates before causing damage. I never put the razor back in its box until after 24 hours after use. Nothing worse than water trapped in the box.