A good coolant needs to be liquid at certain specific temperature ranges, a good thermal conductor, non-corrosive and cheap.
We can’t use water because it corrodes the metal pipes we store it in, it boils and explodes at a relatively low temperature and it freezes and explodes at a relatively high temperature.
Oil is great because its liquid at a wider range than water is(even more with certain additives), protects the pipes it’s contained in and is fairly cheap.
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