I had this in mind some time ago,so I tried a simple protocol, took a plastic 
container measuring 8 " x 9 " x 12 " deep.In it I placed an 8 " candle, then a  
small dish with 2 tblspns of bicarb.of soda in it.I lit the candle and then 
poured some white vinegar on the bicarb.,this fizz is basically CO2. Within a 
few moments this CO2 level rose to where it extinguished the flame.Visualize 
the CO2 as a liquid like water,heavier than air,so it displaces same.
I see no reason why this would not work ,to have no Oxygen in the bucket when 
you fill it with items you are storing.This is a very cheap but effective way 
to isolate food-stuffs from spoiling.
.Personal experience; many years ago this action was responsible for the deaths 
of two seamen who were caught in a ships engine room when the fire system 
failed and released CO2 without warning.This gas forced all the Oxygen/air out 
as it was heavier.

Harold