It was the second time this season the Rangers entered the third period with a multigoal lead and wound up losing in regulation. It also happened against the Islanders on Nov. 8, when they led 3-1 after 40 minutes but lost 4-3.
"We might have had some bad periods, but I don't remember a four-goal period, so for tonight we were awful," Gallant said. "It's embarrassing. It's not acceptable."
Bouchard started the Oilers comeback with a goal at the end of a power play at 4:39 of the third period, cutting the Rangers' lead to 3-1.
"I kind of knew as a team that goals were coming for us," Bouchard said. "We had our chances, just couldn't score. Lucky enough, we got one in. Once the one went in everything was going in."
Bouchard scored again on a one-timer from near the top of the zone at 7:32 to make it 3-2.
"Evan Bouchard has had a ton of chances this year. It hasn't gone his way, but the goals that went in today they were shooter's goals," Oilers coach Jay Woodcroft said. "You don't realize how much offense comes off his stick, whether it's a good first pass or a shot from the blue line. He'd been having a tough go with getting shots blocked, but he found a way to get them on net in that third period. We don't win the game without his effort."
Holloway tied it 3-3 at 10:21, beating Shesterkin with a shot from the left face-off circle for his first NHL goal in his 17th game.
"It's pretty special," Holloway said. "Cool moment. Definitely a memory and a goal that I'll remember forever."
Draisaitl put Edmonton in front 4-3 on the power play late in the third period after Lafreniere was called for roughing Oilers defenseman Tyson Barrie in the offensive zone.
"They get four goals in the third period for no reason besides us giving them the opportunities," Gallant said. "Two dumb penalties, both goals, and a couple goals in between."