Question: Why do you soak your rubberbands in oil? (olive oil, melted coconut oil)
Answer: The reason I soak rubberbands in Extra Virgin Olive Oil or melted Virgin Coconut oil is because most rubberbands tend to be on the dry side. Now imagine pulling ponytails into a dry rubberband. That rubberband is going rub against the hair, which may cause breakage. So, not only do I think it is important to soak the rubberbands in EVOO or CO but it is also very important to moisturize the hair well before styling. Several years ago, before I knew anything about hair care, I used very cheap (family dollar) rubberbands, which were extremely dry and they most certainly caused breakage. I now purchase my rubberbands from the Beauty Supply Store. They come in a little container of 500 and they really don't seem dry at all, but I take the extra step just in case. The best part is, I never notice breakage since using this method!
Also, I noticed when I soaked the rubberbands in melted coconut oil, that after two days it stretched the rubberband out. Now I wouldn't recommend leaving them in coconut oil for too long, because then they will just easily break, no longer than one day.
I usually soak the rubberbands in an oil for an hour to a day, depending on when I remember. If I'm short on time I will just rub them in olive oil/coconut oil really quickly, and make sure I moisturize the area that I will be putting the rubberband on. (the ends, the base, etc)
I hope that helps! :)