This is a handful of magically animated crude oil. It's bubbly, not like a happy sorority girl is bubbly, but like a cauldron of boiling poison is bubbly.
(Cooking ingredient) Type: usable Cannot be discarded
The "... lamp. You love lamp." line is a reference to the film Anchorman, where Steve Carrell's character Brick Tamland speaks almost the exact same line when discussing love with his colleagues: Scene on YouTube
The description for making the oil pan refers to the phrase "panned by critics," which refers to a work that received mostly bad reviews.