Grease a cookie sheet with the vegetable oil.  Combine the caramels and the water in a saucepan and melt over low heat, stirring frequently, or in a covered dish in a microwave at full power, for 1 1/2 minutes.  Dip the pretzel nuggets, a few at a time, into the caramel and remove with a fork to the greased cookie sheet.  Refrigerate until caramel is firm. 
 
Temper chocolate; Quick Method:
Melt 3 ounces of the chocolate.  Remove from heat.  While the chocolate is warm, but not hot, mix half of the remaining 1 ounce of chocolate into the melted chocolate.  Stir until completely melted.  Then add the final solid piece of chocolate.  Stir until melted.  The chocolate should feel as though it is thickening.
 
Lift the caramels from the sheet and dip, one at a time, into the chocolate.  Coat completely and lift with a small fork.  Shake off excess chocolate by rapping the fork on the edge of the bowl lightly.  Remove any drips from the bottom by running the fork across the edge of the bowl.  Slide the candy onto a cookie sheet lined with parchment paper or wax paper.  Allow to cool until solid.