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I have about six pounds of lube in a tupperware-type tub with a tight lid that I store in my basement shop. I've never had a problem with it going rancid.
I use this lube for wads, greasing round ball patches, and to lube black powder cartridge bullets. So I do go through a lot of it, but when the tub gets low, I just brew a new batch and pour it in with the old stuff.
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