Squeaking "bushing" sound from rear

I did pay $8 for a small can of WD40 (along with $11 for a can of starting fluid...a lot of stuff is really expensive here since it's imported in small quantities and taxes are high (it's expensive to run their military despite the subsidy from the U.S., and with a weak U.S. dollar it makes things even more expensive for people using dollars...can you imagine paying $9/gallon for fuel?)), so anyway I can squirt some WD40 in various places one at a time until I locate the likely problem spot. Any chance that squirting could actually stop it from squeaking permanently?