Oil Panic is a video game unit that was released as part of the Game & Watch multi screen series. In the game, the player has to catch dripping oil from an oil leak in a pipe. Once he does, he has to go into his bosses room on the second screen to empty it. If he misses a drop then the player loses a life.
The following is taken directly from the instruction booklet of the game.
Two customers are waiting at a gas station to fuel up. Meanwhile, an oil leak from a pipe on the third floor is causing confusion. Move Station Helper left and right by pressing the control buttons to catch the leaks in his bucket. Oil falls in drops. Helper's bucket holds three drops. Move Helper out to veranda to pour the oil in his bucket into the Boss's oil drum on the second floor. Be Careful not to drop oil on the waiting customers.
Super Smash Bros. series
Oil Panic is also a move Mr. Game & Watch can perform in the Super Smash Bros. games. It is based on the Game & Watch game. Mr. Game & Watch can capture up to 3 projectile-like attacks in a bucket. Once it's full, he unleashes an attack to the same power as all three captured attacks combined! The original Flat Zone incorporates spilled Oil Panic with a slippery spill of Oil occasionally as a stage hazard