A bishop consecrates the holy oils (Chrism, Oil of the Catechumens, etc.). Back at the Seminary, this was done on Holy Thursday (at the Chrism Mass).
Only a deacon or higher can touch these holy oils (or maybe it's just Chrism, I'm not sure) -- note that only a deacon or higher can touch the Blessed Sacrament!
I remember that various seminarians would take packages of the holy oils (wrapped, in boxes) back to their local SSPX chapels so each chapel would have a supply.
Of course, post-9/11 this became a bit more tricky...
And in one case, a seminarian left the box of oils on top of a cab. So they were lost.
Anyhow, this brings up an interesting point: the need for BISHOP(S) and not just a priest, to run an independent chapel or an entire Resistance.
A Catholic can't be like a presbyterian:
1. get ordained
2. set up shop, find a congregation
A Catholic NEEDS a bishop, at least on the periphery, for things like
1. Future priests
2. Sacrament of Confirmation
3. Holy oils
4. Blessing/consecration of churches
5. Consecration of sacred vessels used for Mass
That is why the situation in Boston, KY is so grave. They have cut themselves off from Bishop Williamson and the other 2 Resistant bishops (i.e., all the faithful ones). How can they be a completely "independent" operation, with no bishop(s)? This won't work, not even for a lifeboat or catechombs operation. What are they, presbyterians?