Or....as a lubricant for the horse clippers I use a bit of motor oil (new) diluted with varsol. Diesel fuel can also be used, but it can be a skin irritant. Yes, as others said it's partially to cool it, but it also needs to clean and lubricate.
Actually...use baby oil, I'd try it straight first, and if it seems too thick, then it can also be diluted a little with varsol. For baby oil I'd use a small dish, dip the clippers, and let them 'drip dry' for a few seconds til the excess has dripped off.