iO Paraffin Oil is a mineral oil product most commonly used in horses to treat digestive problems. As paraffin oil is not absorbed by animal cells or tissue, it acts as a lubricant, allowing for more easily excreted manure and sand from the stomach. Quick Facts & Benefits: iO Neatsfoot Oil repels water and protects against stiffening and cracking. Active Constituent: Liquid paraffin oil is a mineral oil, and is a by-product of petroleum distillation. It is transparent, colorless, odorless and tasteless oil, which is mainly composed of heavier alkanes. It is not soluble in water and is known to have low reactivity.