I'm still using ARCO two-sroke oil that came from a gas station I worked at in the 1970s. Works fine as far as I can tell.
Here's what one oil company says on the matter:
ISSUES: The range of shelf life of lubricants recommended from one manufacture to another can vary from one year to almost infinity. There is no straightforward and meaningful method to determine the shelf life of lubricants. One simple reason is that storage environments greatly affect the shelf life of lubricants. Not all lubricants are stored under identical or ideal conditions.
TECHNICAL DISCUSSION Several factors can influence the shelf life of lubricants: Product Design: Chemistries and additives - some formulation chemistries and certain additives are more aggressive than others. The nature of the chemistry can affect the shelf life of lubricants. Storage Temperature: Both high heat (greater than 100ºF) and extreme cold (lower than 0ºF) can affect lubricant stability. Decreasing the storage temperature can cause sediment formation and additive separation. The ideal storage temperature should be between 45ºF and 80ºF.
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