Oil Panic

Oil Panic is Mr. Game and Watch's Down B move. It is a very unique move in the sense that it can be held for as long as the player decides. Any energy-based attack (such as PK Flash or a Ray Gun shot) will be absorbed. Three attacks can be absorbed, and then Mr. Game and Watch will put the bucket away. The oil gathered can be used later as an attack with the potential for very high damage (around 2.8 times the combined power of the absorbed attacks). The damage is determined by adding up how much damage each of the attacks absorbed would have done had they connected. It's all more powerful on the ground than in the air. Hence, this move could be very powerful if it absorbed 3 fully-charged PK Flashes, but it would be very weak if it simply absorbed 3 shots from Fox's Blaster. Unlike other chargeable attacks, Oil Panic's "charges" last across lives. If Mr. Game and Watch is KO'd with two units of Oil, he will still have those two units when he respawns.

There is a glitch in Melee using this attack.

Origins
Oil Panic was a Game and Watch game where one would attempt to catch Oil (leaking from the pipes on the ceiling) in a Bucket. Once the bucket was full, one would have to pour the oil out the window to be caught by an awaiting assistant (making sure he's actually there, first).

With three PK Flashes or fully charged Charge Shots, Oil Panic can unleash 117% of damage.