So in the past week or so, we've learned that fire makes Ernie panicky and incoherent, but he stays completely calm, even unconcerned, in crises involving water.
Notice how Bert asks Ernie what he's doing and then interrupts when Ernie tries to tell him. So the flood at the end of the sketch is at least partially Bert's fault.
I could totally listen to Bert reading oatmeal recipes all day. Also, the following exchange makes me laugh:
BERT: You have a dog or a cat out there--
ERNIE: I do?