Yaungoil is a wood-panel scroll leaning against a yaungol oil well found at [71.8, 62.2] in the northernmost hut of Fire Camp Yongqi in eastern Kun-Lai Summit. Be warned that Terrorbane, an elite yaungol, paths in to the hut on occasion.
Interacting with this scroll is one of the requirements of the Pandaria exploration achievement 
[The Song of the Yaungol].
Burning oil is the cornerstone of yaungol warfare. In the days of their greatest warriors, this weapon was more deadly than magic. This burning substance would scar foes, scorch lands, burn away the cover provided by trees, and could rout even a terrifying mantid assault.
It is also an old tactic of the yaungol to light more campfires each night than people they have. In this way enemy spying in the darkness would assume larger numbers of yaungol existed, while their true positions and numbers remained masked.
Patch changes
Patch 5.0.4 (2012-08-28): Added.