[mjanx123]

It is a blend of oils. Light oils evaporate (like kerosene does for example), and dissolve thicker oils and grease. Oils displace water in general and once in the surface pores they prevent water from getting in there again, a mixture containing light oils flows in easier and does that better. Being predominantly a light oil it is a poor lubricant, but it is better than nothing, and can flow in crevices where thicker stuff would not.

It is really simple and there is no magic.

The name took off as a brand and completely different stuff from the 40th iteration of a Water Displacer formulation is being sold under it as well.