Here's an exerpt from a California Fish & Game agent, "Some people spray WD-40 on their lures. This substance contains petroleum and is specifically prohibited by law to be deposited or introduced into the waters of the state (Fish and Game Code, section 5650)."
CAL. FGC. CODE § 5650 : California Code - Section 5650
(a)Except as provided in subdivision B, it is unlawful to deposit in, permit to pass into, or place where it can pass into the waters of this state any of the following:
(1)Any petroleum, acid, coal or oil tar, lampblack, aniline, asphalt, bitumen, or residuary product of petroleum, or carbonaceous material or substance.