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Default Cutting Oil Alternatives - suggestions/sources?

I am just getting into some metalworking projects, and will be doing a
substantial amount of drilling into steel (using a Delta drill press).
I heard that it is best to use "cutting oil" to facilitate the cut and
to prolong the life of the bits. However, a quick search on the web
shows that prices start at about $14 per gallon. Are there any
alternatives which will do the trick, but not be as costly? How about
motor oil?
please advise,
thanks.