I use an absorbant called Pigmat, which comes in a roll and is specifically made to absorb oils - as opposed to water-based liquids. The sheets are perforated for tearing and easy to deal with in general. They will absorb a LOT before it's time to change them out. Then, you can take them to your recycling center and use the same receptacle used for oil filters, etc. A shallow pan lined with a sheet of absorbant is an excellent way to deal with drips. I got the idea from my place of business, where we repair heavy machinery and use this stuff to great effect.