Hello TC Reg,Try putting oil in a cabbing machine and the reason water is used in them will soon become prima facie to you... :)
I run water in my bench-top trim saws for the same reason. Water is also less obscuring of outline or reference marks on the work piece than oil, particularly so with swarf laden oil. So I can trim closer and more accurately using water.
Some materials are more porous than others and they have a proclivity for absorbing oil, which discolors them and/or interferes with the adhesion of wax or glue used to dop the trimmed stones.
While I'm convinced that oil extends blade life, that has not been an issue with my trim saws. I normally use a high quality sintered blade for trimming on my general purpose 6" trim saw and doubt I will ever need to replace it. I run thin, low kerf blades on my 4" facet rough trim saw and also on my 6" general purpose trim saw when cutting more precious or more fragile materials that are prone to chipping.
For me the cleanliness and convenience of water is a complete no-brainer for bench top trim saws. I use a rust inhibitor (Lube Cool 4800) and don't leave water standing in my saws after I'm finished using them. Even if blade wear was more of an issue I would still opt for water over oil in my trim saws.
Slabs saws are another kind of animal. I've never tried running water in a slab saw, so I can't speak from personal experience as to the results of that. But I've also never tried running water in place of oil in my car, nor am I inclined to try that. If you are more experimentally inclined, go for it and let us know your results.
Oil is tried and proven in slab saws. While oil is more expensive than water, it can be cleaned and recycled indefinitely. There is some loss to mist and oil coating the cut slabs, and the inevitable spills resulting from leaks and clumsy handling.
For me the most objectionable liability of oil lube in slab saws is the oil mist that is generated when they are running. Hoods help contain the mist, but you will still find a coating of oil over everything in the vicinity of an operating slab saw, including the inside of your lungs if you do not wear a respirator. I worked in a production environment with up to half a dozen slab saws running in the same area simultaneously, and mist was most definitely an issue. Mineral oil is probably the least dangerous and irritating to most people in this application. But just because a mineral oil may be FDA approved for lubricating food processing machinery does not mean it is safe to *BREATH IT*.