Christ taught the Church would be largely UNPREPARED at His coming. That, of course, is our day.

Spencer Kimball speaking of the parable of the ten virgins:

"I believe that the Ten Virgins represent the people of the Church of Jesus Christ and not the rank and file of the world. All of the virgins, wise and foolish, had accepted the invitation to the wedding supper; they had knowledge of the program and had been warned of the important day to come. They were not the gentiles or the heathens or the pagans, nor were they necessarily corrupt and reprobate, but they were knowing people who were foolishly unprepared for the vital happenings that were to affect their eternal lives." 

- Spencer Kimball, Faith Preceeds the Miracle, p.253-254

"Hundreds of thousands of us today are in this position. Confidence has been dulled and patience worn thin. It is so hard to wait and be prepared always. But we cannot allow ourselves to slumber. The Lord has given us this parable as a special warning."

"In the parable, oil can be purchased at the market. In our lives the oil of preparedness is accumulated drop by drop in righteous living. Attendance at sacrament meetings adds oil to our lamps, drop by drop over the years. Fasting, family prayer, home teaching, control of bodily appetites, preaching the gospel, studying the scriptures—each act of dedication and obedience is a drop added to our store. Deeds of kindness, payment of offerings and tithes, chaste thoughts and actions, marriage in the covenant for eternity—these, too, contribute importantly to the oil with which we can at midnight refuel our exhausted lamps."

"Oil" has always been a symbol for the Holy Ghost.

"Midnight is so late for those who have procrastinated."