3-in-1 is actually a vegetable oil and petroleum oil blend, if'n it's in the red can-the blue can, with a car or engine on the front, is straight petroleum oil.
Schwinn bicycle company, late of Chicago, IL had a warning against using 3-in-1 on their bike chains or in their three speed hubs, built by Sturmey Archer, due to that fact.
I think it works great for lube while drilling holes, and keep a squirt can of it on the drill press table.

Best,
Ted