The Norton Economy stone will drink whatever liquid you throw at it. Mine's exactly the same, in that respect. I've actually taken to using some mineral oil-based hand lotion on my stone, which stays on the surface longer and does a great job floating swarf. It's also very easy to clean up, just like washing the lotion from your hands. I use dish detergent and warm/hot water to clean it up.
Being that the Norton Economy stone comes un-oiled from the factory, it can also be used with water or dish soap + water. I've experimented with mine using any/all of these methods, and it seems to work well enough with any of them. When using water, it's convenient to work near or over a sink filled with water and/or dish detergent + water; just 'dunk' the stone periodically to rinse swarf away and re-wet it.
The 'laxative grade' (USP) mineral oil is what's known as 'heavy mineral oil'. It is thicker, but it won't cause any trouble for your stone. Basically, it comes down to preference; some like the 'feedback' or feel of the heavier stuff, and some prefer the 'light mineral oil' commonly found in cans/bottles of branded 'honing oil'.
David