Wood floors are going to make it a bit different, Deb. The B-I-N is still going to be a good start, but the shellac will not last too long and I'm not sure that you will like the washed out white color of the B-I-N.
If you really want to do it right, you can put down the B-I-N, put down a new sub-floor, and then put down vinyl tile or flooring. If the gas and oil odors penetrated the walls and ceiling, you will want to do these with the B-I-N and then paint them.
If you have a rental place or something and don't want to spend too much money, put down a coat of shellac on the floor with the shellac cut to 4:1 with denatured alcohol--1 part shellac, 3 parts alcohol. This much alcohol will be a pretty flammable mixture so be sure you shut off all sources of ignition--stove, heater, water heater--and don't even turn electrical stuff off and on or plug it in if the fumes are heavy. Be sure that you leave doors and windows open. After you have the shellac on the floor, you can put a coat of oil-based polyurethane on it. The amount of sanding you do before this process is up to you, but you do want to do a light scuff sanding when the first coat of poly has dried and before you do a second one. You will hear how water-based poly is better and you can put on more coats in a day. That is right, but it will not have the body to do what you want in this application. I like Parks Oil Modified Poly. Most home centers have it.
I'm over in the big metroplex on the sunrise side. You must be around Holland or Saugatuck on the sunset side. Beautiful over there but the whole state is looking pretty good at this time of year.