The plot has similarities to the plot of the short The Fair-Haired Hare, which was released one year earlier and features Devil Rich Texan as Bugs' antagonist. Oily Hare recycles the same ending where Bugs' home is filled with explosives and blown up.
Plot
Bugs Bunny gets caught up in a Texas oil-rich environment with a Yosemite Sam-like oil mogul. Bugs' rabbit hole, inconveniently situated in an oil field, becomes the focal point of a clash as the tycoon, Devil Rich Texan, tries to tap into the land's oil resources. Despite Bugs' protests that the hole is his home, Devil Rich Texan and his trusty assistant, Maverick, attempt to forcibly remove him. Their comedic efforts include failed dynamite explosions and a botched shooting attempt, all while Bugs outsmarts them at every turn.
In a final twist, Bugs' ingenious solution results in a surprising outcome: instead of oil, a geyser of carrots erupts from the hole, leaving Devil Rich Texan and Maverick bewildered and Bugs triumphant. With a nod to the absurdity of the situation, Bugs acknowledges the incredulity of the audience, reminding them that in "Tex-ay-us," anything can happen.
^Beck, Jerry; Friedwald, Will (1989). Looney Tunes and Merrie Melodies: A Complete Illustrated Guide to the Warner Bros. Cartoons. Henry Holt and Co. p. 238. ISBN0-8050-0894-2.