Yes you are missing out, missing your money and time in dull useless drill bits that are a pain to work with.
There are many specialty cutting fluids for varied applications, from water based mineral oil blends to petroleum based cutting fluids such as tapping fluids or dark thread cutting oil. What to use depends on what type work you are doing.
Water based fluid are normally used in machine coolant tanks, but can be used in a squirt bottle. It's disadvantage is it evaporates from heat quickly and gets all over everything when using in a hand drill (runny).
Petroleum based fluids are much more clingy and stay where you put it better (higher viscosity). The viscosity is dependent on the brand you use. Dark thread cutting oil has the highest viscosity of most fluids available, and is sold for threading pipes.
As a sparky doing a lot of machine type work I frequently need to drill and tap machine bases and steel building columns for mounting and fastening. My personal favorite is my own blend of two oils for the vertical surfaces that I drill and tap. I mix 3/4 dark thread (sulpherised) cutting oil, with 1/4 Tap Magic tapping fluid. This mixture gives excellent results for my work. The thread cutting oil is heavy and doesn't run off much, while the low viscosity (light) Tap Magic is excellent at lubing and cooling the cutting edge. I use a very small plastic bottle with a twist seal spout, available from cosmetic supply stores. I carry this in my field box right next to my drill and tap selection. I only fill the bottle half way to prevent spill when it gets knocked over, it also makes the bottle more stable in the upright position. You don't need much oil to keep the cutting edge wet with a slight film, a little bit goes a long way.
In practice you are trying to lube and cool the cutting edge of the tool not the workpiece, So put the few drops of fluid on your drill or tap. Stop often while working and apply a few more drops, do not allow the tip to run dry (hot), as this is what dulls the cutting edge. The other thing is to run the bit
very slow with lots of forward pressure. High speed equals high heat equals dull edges. Heavy hand pressure cuts quicker and therefore reduces number of rotations required and less friction/heat.
I use this cutting fluid with metal hole cutters that are more like a end mill than a hole saw, in their tooth design. With great care of the cutters, drills, and taps (proper storage in transport) I can usually get about 10 years of service from the same set of cutting tools. I buy only high quality USA made tool bits and cutters, and make them last. Providing excellent value, and reliability, since I only carry one set of cutters in my truck.
I can tell you from experience that when I get a new helper, I will need a new or backup set of bits in the truck. It takes a while to teach them that you can get it done faster and easier with the right techniques and patience, than you can with a whole sleeve of new destroyed drill bits. When they have figured it out for themselves, you'll know, because that's when they ***** that the cutting oil is out. Then I teach them how to blend it.
Any lube oil of any kind is better than nothing, and controlling the speed and pressure will go a long way to keeping your bits useable.
