"Come on, there is still one minute!"
加油 is one of my favourite idioms that means "add oil", something along the lines of "Step on the gas!" or "Pedal to the metal!" It could be used literally when driving a motor vehicle :)
My favourite is the Icelandic equivalent ("Áfram með smjörið!" -> literally "ahead with the butter!"). I wonder if the Chinese 加油 didn't originally refer to cooking oil, by the way.