Mineral oil is highly refined petroluem base oil, not very different from the type III base oils used in modern engine lubricants. It is a common misconception that mineral oil is somehow natural or food-related, but in fact it is highly pollished lubrication base oil from a catagory known as white oils. The same base, without certain impurities that cause toxicity. But the effect on EPDM and butly rubber is similar; rub some on a latex glove (this is why mineral oil is not used with condums) or bicycle inner tube (butyl) and wait a day.Doesnt this apply only to regular petroleum based oils, mineral oil is 'safe' to eat, granted it acts as a strong laxative when you do, but that just means it ends up in the plumbing that much faster...
If you really want to screw up (I've done this) use mineral oil on an EPDM pump seal or impellor. It swells, you may never get it on, and it won't last.
http://en.wikipedia.org/wiki/Mineral_oil