Disclosed are corrosion-inhibiting lubricant compositions and methods of making and using the compositions. The lubricant compositions contain petroleum based components, corrosion-inhibiting additives and a cationic surfactant. In some embodiments, the lubricant compositions also contain nano diamonds. Under standard salt fog tests, compositions exhibited 120 or 168 hours to failure, or 0-20% rust at 192 hours. Under standard wear preventative characteristics tests, compositions exhibited as low as 0.55 mm wear. Also disclosed are a device and method for aerosol delivery of a corrosion-inhibiting lubricant.