Hope of Glory said:
So, the question becomes: What does the oil represent?
I do not think it represents anything. Lamps needed oil. Five of the virgins were not prepared with enough oil and could not meet the bridegroom nor join in the festivities. I do not think the disciples hearing this would have tried to figure out what the oil symbolized.
To try to make everything in a parable represent something is to read into the text unless the text supports it. That's what I mean by spiritualizing the text. We can get the message without having everything be a symbol of something.
I think the best way to read this is to read all the passages before and after this one. This parable is part of a long passage that starts with Matt. 24.3 where Jesus is asked by the disciples about the destruction of the Temple, what the signs would be of Jesus' coming, and of the "end of the age." The parable has to be read into this context of his answer to them.
Matt 24 ends with the master cutting an evil servant who is not ready into two pieces and who will endure "weeping and gnashing of teeth." The virgins without the lit lamps are rejected by the bridegroom who tells them he does not know them. The servant in the next parable is cast into outer darkness, and then Jesus gives the account of the Son of Man judging sheep from goats, with the goats being sent into everlasting punishment.
Starting with the evil servant being rejected, we have virgins rejected and not known by the bridegroom (Jesus), the servant cast into outer darkness, and the goats sent into everlasting punishment. So it seems to me that Matt. 25 is about judgment at the end times.
IMO, Jesus is telling the disciples that the only way to be ready for the coming of the Son of Man is to a "faithful and wise servant" prepared for the Master. This to me is talking about salvation, but in terms the disciples could grasp. Jesus had not yet been crucified and resurrected, and this is something they did not even understand until after the fact. So I think we have to take that into account.