Yes, this has been a pleasure debate oils within this forum. Seeing your vegetable based racing oil brings me to further explain the video of the guy that is adding olive oil to his cycle....to which I am against.
Vegetable oils can be split into mono and di-glycerides. The oils can be also hydrogenated and fractionated. The fattey acids can be re-arranged to provide most any chemical design one wants. So a vegetable based motor oil is developed using the above methods and some additional chemistry that is beyond me.
In short, yes you can have a vegetable based motor oil....no,one should not use off the shelf olive oil in an engine....
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