Lyric discussion by Scarecrow19 

Cover art for Man of Oil lyrics by Animal Collective

Think he's talking about being the Scarecrow from the Wizard of Oz....

"I woke to sweats in the night Strange sensation to feel alive" -He doesn't feel alive...

"Wizard with a wand Competing with the lightning Coward and also a king And a man of oil" -The Wizard, the Cowardly Lion King, and the Tin Man

"Broken limbs filled with smooth snakeskin" -Like being filled with straw

"You've got to have the tough guts So you're hung like a human And watch the young nuts grow" -He's hung and watching the nuts grow like on a farm