Additive for protecting lubricated metal surfaces against chemical attack by water or other contaminants. There are several types of corrosion inhibitors. Polar compounds wet the metal surface preferentially, protecting it with a film of oil. Other compounds may absorb water by incorporating it in a water-in-oil emulsion so that only the oil touches the metal surface. Another type of corrosion inhibitor combines chemically with the metal to present a non-reactive surface.