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A little history lesson on WD-40. We have the space program to thank for WD-40. The "WD" stands for water dehydrant. The 40 stands for the 40th revision of the formual (the one that worked best). The original design criteria for WD-40 was to keep moisture out to prevent corrosion while at the same time providing lubrication. With this as it's design criteria, I highly doubt they would choose let alone be able to accomplish this with a water based formula.
just my 2ยข
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