Forgive my ignorance but wouldn’t an oil based scent be the last thing you’d want to knowingly put into our lakes/rivers?
Most oil based scents are done using mineral oil. By the time all the other ingredients are sloughed off the bait there isn’t much oil there to worry about. One thing to think of is that in order to fish to “smell” anything oil, the oil has to be emmulsifiable, it has to be able to mix with water to some degree and most oils used in scent are not of this type. Cod Liver oil is an organic and emmulsifiable oil. I carry it in an old Visine bottle and it works well at times but I use Gulp juice more than any other scent.
Some people put plastics in the Gulp juice but they’ll fog over and the colors dull pretty bad in a short time, say a couple weeks. I use corn meal and spray the Gulp recharge juice on it until its damp, then let it dry. When the cornmeal is dry just dump a few plastics in it, give a shake and seal up whatever the cornmeal is in and let them take on the Gulp residue by osmosis. Pluck one out and hang it on a jig and have at it. the Gulp scent will be in the plastic a little ways and will provide scent for maybe a half hour then I stick the plastic right back in the cornmeal and grab another. Nice clear baits, scented with Gulp only in baits you really like to use other than Gulp products.