I may be about to step in it but when I hear the words "oil" and "evaporate" in the same sentence, I think about motor oil and how that stuff never seems to evaporate into thin air no matter how thin you spread it or how long it sits..
What I don't know is whether bowling lane oil is applied as part of a solution (i.e., oil and another substance, particularly that which has a water or alcohol base), in which case yes, parts of the solution would evaporate. You can see this process for yourself in some two-stage lubricants, and I hear it's a factor in choosing the right gun oil for firearms.
A couple of other things are in play that make things look like the oil has evaporated -- first is absorption. Particularly on wood lanes, some of the oil can get under the topcoat and actually be absorbed into the wood.
The other is dust collection. If you oil lanes, then leave them for several hours, the dust that is in the air will collect in that oil, and that dust acts like particles in particle coverstocks, grabbing at anything that happens to be rolling on it. Dust is a friction multiplier. Ask lanemen who have worked at a center that has expanded from x-number to y-number of lanes what they thought of the sawdust in the air and what it did to the shot while construction was going on. If your house doesn't change its HVAC filters frequently or take good care of its pits, settees and carpet (if any), it can get pretty bad.
Jess