Step 1.
Create a new 250X250 pixels document with the black background. Choose the Horizontal Type Tool and write a text. Place it in the center of the image. Now rasterize this layer (Layer > Rasterize > Type). Apply Filter > Blur > Gaussian Blur with Radius->1,5 pixels.
Step 2.
Apply Layer > Duplicate Layer to duplicate text layer ("oil effect copy" layer). Choose "oil effect" layer and press CTRL+E to merge down two layers. Now rotate an image (Image > Rotate Canvas > 90 CW) and apply Filter > Stylize > Wind with the following settings: Stagger->ON, From the Right.
Step 3.
Now choose "oil effect copy" layer and duplicate it ("oil effect copy2" layer). Choose "oil effect copy" layer and apply Filter > Stylize > Wind with the following settings: Wind->ON, From the Right. Press CTRL+E. Apply Filter > Blur > Blur More and then apply Layer > Flatten Image.
Step 4.
Now apply Filter > Stylize > Solarize and then Image > Adjustments > Hue/Saturation with the following settings: Colorize->ON, Hue->47, Saturation->50, Lightness->0. And that's it.
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