The title is a pun on hair oil, as with the earlier cartoon Slick Hare, along with the plotline actually having to do with oil.
Along Highway $101.00, approximately 531 miles from "Dollar$, Texas" and near "Deepinahearta", Texas, Bugs' rabbit hole in "Deepinahola", Texas upsets an oil tycoon, because it isn't producing any oil.
The unnamed tycoon pulls up to the hole in a green stretch limousine that is so long that it requires a long-distance telephone operator in the middle of the car to connect the tycoon to his chauffeur, Maverick, so he can tell Maverick (who does not have a speaking role, but communicates by nodding his head) to stop the car. On the back door of the limousine, a crest is shown which carries the legend, "Devil Rich Tycoon".
Once Maverick stops the car, pulls a motor scooter out from behind the driver's seat (a Western saddle) and rides the scooter back to the tycoon's back door.
The tycoon surveys the situation and confronts Bugs, who tells the tycoon that the hole is, in fact, his home.
The tycoon tries to evict Bugs, which gets Bugs' dander up. Bugs gives the tycoon a birthday cake with dynamite sticks for candles. "Now who could'a knowed it was my birthday, especially when it 'tait?" askes the tycoon. Bugs then asks the tycoon to make a wish. The tycoon says, "Ah wish...Ah wish...nah, I've got too much of that filthy green stuff already!" The tycoon tries to blow out the candles but the dynamite blows up in his face!
Toward the end of the cartoon, the tycoon has Maverick load Bugs' hole up with dynamite, and says "I'll blow the critter to the outskirts of Dallas!" The hole is so loaded with dynamite that the tycoon, who is in the hole, can't see his hand before his face. Bugs calls down and tells the tycoon to look in the top drawer of his dresser for his "cigareet" lighter, which the tycoon uses while still in the hole!
After the explosion, instead of oil, a gusher of carrots comes out of the hole and Bugs exclaims, "Hey! Looks like I brought in a carrot gusher!" After chomping on one of them, he adds, "Yeah, I know, I know... but anything can happen in 'Te-ay-xus'!"
TV Title Cards