Create a new grayscale image, white background, black foreground. Using type tool type some text (leave some space for oil under it). If you are using Photoshop 4.0, just hit Ctrl-E to merge down the type layer (Cmd-E on Mac)
Mode /Indexed Color Then Mode /Color Tables..., choose Black Body Mode /RGB Color Image /Adjust /Hue /Saturation..., do NOT click Colorize. Set Hue to +15 and Saturation to -15