I soaked some chips in oil and then tried to wipe it off with a cloth. The oil really sticks to the chips and you will end up going through a lot of oil that way. It also makes a lot more of a mess. I ended up getting some discoloration on a few of my inlays because after I soaked them I didn't have enough time or enough clean cloths to get the oil off all the way. I stored them overnight in thier racks with a little excess oil on them and around the edges of the inlays of a few of the chips I noticed darker spots (it wasn't horrible but I would rather it not be like that).
I did some more by dipping a cloth in oil and rubbing a light coat onto the chips and then going back through and wiping off the excess. That worked better in my opinion.
I left some oil free and after a little time the oil effect isn't so noticable and I tend to like the non-oiled chips. If I had it to do over again I wouldn't waste my time oiling.
Mineral oil is in the over the counter drug section. It can be used to oil chips, or for constipation. Below is before I take my mineral oil:
Thanks for the info everyone! I have oiled some before using the fingers method, but it took a long time because I thought I had to let them sit and dry for a day or so. They came out nice, but it just took forever. I think I'll incorporate some of the advice from your responses the next time I feel the need to oil them up, it sounds like it has worked well for others! Thanks again everyone, any more advice or insight is welcomed from this end!
You can buy mineral oil in any supermarket or drug store. By the way the main use for mineral oil is as a laxitive. That's what it usually says on the bottle. So if you happen to get constipated while oiling your chips you can just pour yourself a shot of the oil and throw it down like a chaser.