LPS stands for Lubricates, Penetrates and Stops rust. The arrow below the “P” represents displacing water. LPS was begun in 1961 when LPS 1 Greaseless Lubricant was first presented. We define a rust inhibitor as a water-based, clear product that is typically used to keep parts from rusting in between processes. Rust inhibitors offer short-term protection for up to 30 days; however, ambient humidity levels can play a factor in the actual life of protection.