One of the prominent explanations about the oil in our lamps was explained by Spencer W. Kimball. This is a quote from James E. Faust’s conference talk in October 2002.
President Kimball explained that “the foolish asked the others to share
their oil, but spiritual preparedness cannot be shared in an instant.
The wise
had to go, else the bridegroom would have gone unwelcomed. They needed
all
their oil for themselves; they could not save the foolish.”
“In [this] parable,” he continued, “oil can be purchased at the market.
In our lives the oil of preparedness is accumulated drop by drop in
righteous
living. Attendance at sacrament meetings adds oil to our lamps, drop
by drop
over the years. Fasting, family prayer, home teaching, control of
bodily
appetites, preaching the gospel, studying the scriptures—each act of
dedication
and obedience is a drop added to our store. Deeds of kindness, payment
of
offerings and tithes, chaste thoughts and actions, marriage in the
covenant for
eternity—these, too, contribute importantly to the oil with which we
can at
midnight refuel our exhausted lamps.”12
[Faith Precedes the Miracle (1972), 255–56.]
That suggestion from Elder Kimball has a lot of appeal. But why don’t we take the definition of what the oil means as described in the D&C?
D&C 45:56-57
56 And at that day, when I shall come in my glory, shall the parable be fulfilled which I spake concerning the ten virgins.
57 For they that are wise and have received the truth, and have taken the Holy Spirit for their guide, and have not been deceived—verily I say unto you, they shall not be hewn down and cast into the fire, but shall abide the day.
It is learning to listen to the Holy Spirit that is important. As we follow the Spirit all the rest of the items listed by Spencer W. Kimball will be taken care of.