+1 for snake oil. It's great!
Honestly, the oil industry, at least at the consumer level, is quite a lot like the beverage industry. It's an extremely profitable sector which is 90% about product packaging and marketing/distribution. Beverage companies, new and old, Coke or Monster Energy.. not all of them, but MANY of the most successful ones spend more on marketing than on their product. Like colored/sweetened water, we essentially have a limitless supply of light oils as a byproduct of world demand for fuel oil.
This is the perfect industry for politicos to hand contracts out to their chronies. I personally know a company that gets multimillion dollar government contracts. There's no extensive research and development department. There's no laboratory. It's 4 guys who know someone who knows someone, mixing and bottling oil and grease and getting a bit bite of government cheese.
The ACF50 aircraft stuff, I'm sure started out like this. I bet 99% of their business is beaurocratically mandated through government or other monopoly policy makers. It's cute they even have a website and/or sell through other distributors to individuals.
The exact recipe can be found while searching the web with - C.E "Ed" Harris - who is the author for this recipe, its true use is gun bore cleaner / oil.
I found this:
The original bore cleaner formula calls for equal parts :
Acetone
K-1 Kerosene (hurricane lamp oil is another name)
Mineral spirits - low odor
ATF , GM Dexron III regular not synthetic .
There's one reference that claims whale oil as one of the original ingredient.
All in all, this list sounds a lot like an average guy mixing up w/e he has lying around his garage and seeing if it works.
And I bet many commercial oils are no different, other than they would be putting way more attention to the cost of the raw ingredients available to them at the time. In many cases they are using the less refined precursors to stuff that even has a name. "Hydrotreated light petroleum distillate." What is that? Maybe it would produce some lighter fluid, some mineral oil, some other stuff if further refiend. Or we can buy this stuff for 1 cent a gallon, add a drop of otter semen, and call it CR90.