Pawter guesses the Company dehydrating gas is "an anhydrous sodiun hydroxide with an accelerated cobalt chloride complex". IRL, sodium hydroxide is very hygroscopic; in the lab it has to be stored in dessicating or vaccuum chambers lest it absorb enough humidity from the air to become moist and slimey. Cobalt chloride is a dessicant but is most noted as a color indicator used with silica gel drying granules ( blue means the silica can absorb more humidity, red means the silica is full).
This episode's title refers to the 1965-1969 TV series "The Wild, Wild West" as well as the 1999 feature film with the same title featuring Will Smith.