What is the best procedure for storing tools that are subject to rusting?

Applying a light coating of oil to tools is an effective method for preventing rust. The oil forms a protective barrier that inhibits moisture from coming into direct contact with the metal surfaces of the tools, which is crucial because rust forms when metal is exposed to oxygen and moisture. This coating can provide a significant layer of protection, especially for tools that are frequently exposed to humid environments.

Maintaining tools in a dry place can help reduce rust risk but does not provide the same level of protection that oil does. Wrapping tools in plastic can trap moisture and actually promote rusting rather than prevent it. Storing tools in a toolbox keeps them organized and protected but on its own does not address moisture exposure unless the toolbox environment is controlled for dryness.