In a lubricant composition suitable for use in the manufacture of aluminum alloys comprising lubricant base selected from the group consisting of solid lubricants, liquid lubricants, grease lubricants, emulsion lubricants, and dispersion lubricants, the improvement wherein the lubricant composition further comprises: an effective amount of water and surfactant. It is believed that mixing oil with water and surfactant provides a method for uniformly distributing the surface oxide at the meniscus for casting applications. Uniform distribution of the oxide at the meniscus reduces vertical fold formation that can lead to cracks in the aluminum ingot. In addition, the mixture promotes uniform heat transfer around the mold. Uniform heat transfer around the mold allows the solidifying aluminum alloy to stay in contact with the mold longer and form stronger ingot shells. A process for continuous or semi-continuous casting of aluminum alloys via the use of this lubricant composition is also disclosed.