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Your right the oil floats. It does help to revive frozed baits IMO .
I hear there is a bunker "milt" or "milk" that has more or less the same specific gravity as seawater and can be used through the water column but I have only seen it advertised I have not tried it.
When I mix up chum I add some bunker oil to the mix. I figure some to the bits that sink will absorb some of the oil and make for a better slick. (That is what I think anyway..who the hell really knows)
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