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From the WD40 website

What a Fish story!

Myth: WD-40 contains fish oil.
Fact:
Consumers have told us over the years that they have caught some of the biggest fish ever after protecting their fish hooks and lures with WD-40. We believe this legend came from folks assuming that the product must contain fish oil since it appears to attract fish. Sorry Charlie®, it just ain’t so.
WD-40 Company has taken steps to respect and conserve the environment, and encourages its users to do the same. While WD-40 can be used to help protect fishing equipment from rust and corrosion, WD-40 Company does not recommend using WD-40 to attract fish.
 

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To answer your question. Yes, some say WD40 does act as a fish attractant.

WD40 is basically oil. Don't put oil in the water unnecessarily. God knows we already have enough of it in the Gulf.

There are plenty of natural attractants you can use, both commercial and natural.
 

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Back when we was catching Crappie I bought a bunch of plastic Crappie jigs and they had some kind of oil on them that smelled like WD-40. I asked the bait shop owner about it and he said they came from the supplier like that.
 

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It says petroleum product on the can. Its a water displacement item, used for cleaning and rust prevention. I don't know if its legal, it might work, but probably just another rumor. No need to polute lakes and rivers, they got enough crap in em now. Who wants to eat a fish thats full of contaminants. A few years from now it will catch up to ya, and be too late then.
 
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